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Thursday, 3 August 2017

MIDEAST STOCKS-Saudi's Al Othaim, Abu Dhabi's Aldar outperform otherwise quiet region

MIDEAST STOCKS-Saudi's Al Othaim, Abu Dhabi's Aldar outperform otherwise quiet region:

"Saudi Arabia's supermarket and Abu Dhabi's largest listed developer outperformed an otherwise weak regional market in early trade on Thursday because of their strong second quarter earnings. Shares of Al Othaim Markets rose 2.4 percent after 30 minutes of trade after its second-quarter net income of 71.21 million riyals surpassed expectations. NBC Capital had forecast a net income of 66 million and EFG Hermes expected Othaim to make 57.74 million riyals. The company attributed the 43.1 percent increase in net profit from the prior-year period to growth in sales of existing and new branches, improvement in gross margin and increase in rent revenues from new leasable spaces."



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