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×Saudi petchem sector’s Q2 profit came 11% below estimates
The aggregate net profit of Saudi petrochemical companies (excluding Alujain Corp. and Nama Chemicals) came in at SAR 5.46 billion in Q2 2017, missing average forecasts of SAR 6.14 billion by 11 percent, data compiled by Argaam showed.
Sector heavyweight Saudi Basic Industries Corp.’s (SABIC) Q2 net profit of SAR 3.7 billion came in 21 percent below the average forecast of SAR 4.67 billion.
Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net profit, contrary to analyst expectations of a net loss.
Saudi Industrial Investment Group (SIIG), Saudi Arabia Fertilizers Co. (SAFCO) and National Industrialization Co. (Tasnee) missed estimates by 56 percent, 28 percent, and 24 percent, respectively.
On the other hand, Metanol Chemicals Co. (Chemanol), Saudi International Petrochemical Co. (SIPCHEM) and Saudi Kayan Petrochemical Co. (Saudi Kayan) beat estimates by 115 percent, 64 percent, and 26 percent respectively.
Company Estimates Comparisons
Company | 2017 - Q2 (a) | 2017 - Q2 (e) | Change |
SABIC | 3,705.70 | 4,670.01 | (20.6 %) |
SABIC Agri-Nutrients | 204.34 | 285.41 | (28.4 %) |
YANSAB | 345.72 | 447.34 | (22.7 %) |
SIPCHEM | 59.79 | 36.49 | 63.9 % |
Sahara Petrochemical | 88.57 | 89.98 | (1.6 %) |
TASNEE | 93.56 | 123.30 | (24.1 %) |
SAUDI KAYAN | 242.01 | 192.02 | 26.0 % |
SIIG | 70.25 | 158.00 | (55.5 %) |
Petrochem | 132.28 | 107.33 | 23.2 % |
ADVANCED | 194.51 | 159.75 | 21.8 % |
ALUJAIN | 12.49 | 4.05 | 208.5 % |
CHEMANOL | 2.62 | (17.00) | 115.4 % |
PETRO RABIGH | 315.66 | (111.00) | 384.4 % |
Total | 5467.48 | 6145.67 | (11.0 %) |
Forecasts were issued by ten Saudi brokerage firms, including Aljazira Capital, KASB Capital, NCB Capital, and Osool & Bakheet Investment Co.
Actual Profit versus Estimates
Company | 2017 - Q2 (a) | 2017 - Q2 (e) | Most Accurate Research Company |
SABIC | 3,705.70 | 4,374.00 | Sico |
SABIC Agri-Nutrients | 204.34 | 241.00 | SNB Capital |
YANSAB | 345.72 | 356.00 | Riyad Capital |
SIPCHEM | 59.79 | 47.00 | HSBC |
Sahara Petrochemical | 88.57 | 87.00 | HSBC |
TASNEE | 93.56 | 96.00 | Al Rajhi Capital |
SAUDI KAYAN | 242.01 | 227.00 | SNB Capital |
SIIG | 70.25 | 145.00 | Sico |
Petrochem | 132.28 | 151.00 | Riyad Capital |
ADVANCED | 194.51 | 200.00 | Al Rajhi Capital |
ALUJAIN | 12.49 | 4.10 | OSOOL AND BAKHEET |
CHEMANOL | 2.62 | (12.00) | Hermes |
PETRO RABIGH | 315.66 | (12.00) | HSBC |
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MarketIndices
TASI | 12,254.53 | (101.16) | (0.82 %) |
Company Indices
ALUJAIN | 41.95 | (0.15) | (0.36%) |
TASNEE | 13.40 | 0.04 | 0.30% |
NAMA CHEMICALS | 30.25 | (0.05) | (0.17%) |
SABIC | 79.00 | (0.10) | (0.13%) |
SABIC Agri-Nutrients | 109.20 | 0.20 | 0.18% |
Sahara Petrochemical | 17.46 | 0.20 | 1.16% |
SIIG | 21.96 | (0.16) | (0.73%) |
YANSAB | 36.80 | 0.10 | 0.27% |
SIPCHEM | 31.40 | 0.00 | 0.00% |
SAUDI KAYAN | 9.04 | (0.03) | (0.33%) |
CHEMANOL | 16.44 | (0.12) | (0.72%) |
PETRO RABIGH | 7.33 | (0.01) | (0.14%) |
Petrochem | 45.60 | (0.60) | (1.30%) |
ADVANCED | 40.80 | 0.45 | 1.12% |
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