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Thursday, 3 August 2017

MIDEAST STOCKS-Strong Q2 results support Al Othaim, Aldar in otherwise flat trade

MIDEAST STOCKS-Strong Q2 results support Al Othaim, Aldar in otherwise flat trade:

"Saudi Arabia's supermarket and Abu Dhabi's largest listed developer outperformed otherwise flat regional shares on Thursday because of their strong second-quarter earnings.

Shares of Al Othaim Markets jumped 4.3 percent after its second-quarter net income of 71.21 million riyals exceeded expectations. NCB 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 year before to growth in sales at existing and new branches, improvement in gross margin and increase in rent revenues from new leasable spaces."



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