VASRO has published an update report on Baladna Q.P.S.C. (QSE: BLDN) following the completion of its rights issue on 8 September 2026 and its results for the first half.
All 536.0m new shares were placed at the QAR 1.01 offer price, and Baladna received QAR 541.4m. There are now 2,680.0m shares in issue.
First-half gross margin rose to 28.8% from 25.9% a year earlier. Revenue grew 2.6% in the first half, and the third-quarter results are the first test of the second-half step-up in VASRO's full-year forecast.
In Algeria, the business held QAR 1,425.1m of assets at 30 June, against QAR 55.7m at 31 December, and Baladna plans to fly in 30,000 cows from the United States from November.
On VASRO's count, the dairy business in Qatar and the listed portfolio alone are worth QAR 3,549.6m, more than the company's market value of QAR 3,002m.
VASRO reiterates its BUY recommendation with a target price of QAR 2.27.
The full report is available here: https://vasro.de/wp-content/uploads/2026/10/VASRO-GmbH_Update-Equity-Report_Baladna_EN_22102026.pdf
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Research, not investment advice. Every report carries its full disclosures. Research disclosures
The post Baladna Q.P.S.C.: The Raise, the Costs and the Half Year appeared first on VASRO GmbH.
