06:00 AM EDT, 08/06/2026 (MT Newswires) -- Riyad Capital maintained its buy rating on Almasane Alkobra Mining (SASE:1322), d/b/a Amak, with a price target of 100 riyals, after the mining company's second-quarter results. Amak logged a 53% annual decline in its net profit to 35 million Saudi riyals, below Riyad Capital's 84 million-riyal estimate, according to a Wednesday note. The company's 237 million-riyal revenue also missed the research firm's forecast of 285 million riyals. Analysts said the 8% year-over-year fall in Amak's revenue was "overwhelmingly" due to the temporary suspension of metals processing at the company's Al Masane plant as part of its long-term business strategy. The facility restarted operations on May 13. "With a full quarter of [Al Masane] volumes from 3Q26, Khutainah's first ore delivery to the Guyan plant is the next catalyst, the SAR 680 mln rights issue and drilling subsidiary advancing the growth pipeline, the stock down from prior highs, and copper especially having maintained strong pricing, we maintain our target price, rating, and outlook," Riyad Capital wrote.

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