VASRO has published an update report on Baladna Q.P.S.C. (QSE: BLDN) following its results for the nine months to September, reported on 27 October 2026.
Net profit before portfolio gains rose 20.3% to QAR 149.3m, as sales grew 3.9% to QAR 977.8m and gross profit 17.9% to QAR 281.0m. The third-quarter gross margin was 27.2%, up from 24.0% a year earlier.
Reported third-quarter net profit was QAR 21.8m, after a non-cash portfolio loss of QAR 20.1m amid volatility in global equity markets.
In Algeria, 59 wells are complete and 32 irrigation pivots are running, and the first cows are expected from November.
On VASRO's count, the dairy business in Qatar and the portfolio alone are worth QAR 3,447.3m, more than the company's market value of QAR 3,296.4m.
VASRO reiterates its BUY recommendation with a target price of QAR 2.14, down from QAR 2.27.
The full report is available here:
https://vasro.de/wp-content/uploads/2026/11/VASRO-GmbH_Update-Equity-Report_Baladna_EN_03112026.pdf
Ask this report with your own AI: vasro.de/ask/baladna-1103
Research, not investment advice. Every report carries its full disclosures. Research disclosures
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