Saudi's Solutions Kept at Buy as Riyad Capital Notes Q2 Results

05:36 AM EDT, 07/30/2026 (MT Newswires) -- Riyad Capital maintained its investment view on Arabian Internet and Communications Services Co. (SASE:7202), d/b/a Solutions, after the release of the company's second-quarter financial statements. For the three-month period, the information and communication technology services company logged a 2% annual increase in net profit to 453 million riyals, in line with Riyad Capital's forecast of 445 million riyals and above the consensus estimate of 418 million riyals, according to a Wednesday first look note. Revenue rose 12% year over year to 3.24 billion riyals, above the research firm's 3.12 billion-riyal estimate. "Earnings growth was moderated by higher other costs of SAR 53 mln (vs. nil last year, and SAR 29 mln costs last quarter), due to higher net finance costs and foreign exchange losses. 1H2026 earnings grew +2% to SAR 824 mln, driven by stronger operational profitability offset by higher other costs. We remain positive on the stock over the long-term, and maintain our Buy rating with a SAR 250.00 target price," analysts said.