Aggregated earnings of Saudi petrochemical producers reached SAR 6.6 billion in Q3-2015, three percent higher than analysts’ forecasts of SAR 6.4 billion, according to the data compiled by Argaam.
SABIC’s Q3 financials beat average estimates by 33 percent, or SAR 1.378 billion. The financial results of Sahara Petrochemicals Co., National Petrochemical Co. (Petrochem) and Advanced Petrochemical Co. were 129 percent, 66 percent and 34 percent ahead of forecasts respectively.
Meanwhile, Rabigh Refining and Petrochemical Co. (Petro Rabigh), which is a joint venture between Japan’s Sumitomo Chemicals and state-owned energy firm Saudi Aramco, reported SAR 460 million losses in Q3, below the analyst estimates at SAR 349 million.
In addition, Te National Industrialization Co. (Tasnee) sustained SAR 296 million losses in the three month period, falling well below the analysts’ consensus at SAR 52 million.
|
Q3-2015 Net Profit/Consensus Estimates (SAR mln) |
|||
|
Difference (Change) |
Estimate |
Net profit |
Company |
|
+376% |
(9.0) |
(42.8) |
Chemanol |
|
+66% |
193.2 |
321.1 |
Petrochem |
|
+33% |
4222.0 |
5600.0 |
SABIC |
|
(3%) |
585.4 |
566.2 |
SAFCO |
|
(670%) |
52.0 |
(296.3) |
Tasnee |
|
(39%) |
341.8 |
207.0 |
SIIG |
|
+129% |
52.9 |
121.0 |
Sahara Petrochemical |
|
(11%) |
340.3 |
301.7 |
Yansab |
|
(42%) |
122.7 |
71.6 |
Sipchem |
|
+34% |
174.2 |
234.2 |
Advanced Petrochemical |
|
+6% |
(13.0) |
(13.8) |
Saudi Kayan |
|
(232%) |
349.5 |
(460) |
Petro Rabigh |
|
+3% |
6412.0 |
6609.9 |
Total |
Among Saudi research firms, Riyad Capital, Aljazira Capital, NCB Capital, KSB Capital Group, Fransi Capital, Alistithmar Capital, Maceen Capital, Albilad Capital and Bakheet Investment Group have issued earnings forecasts for Saudi petrochemical companies.
The below table illustrates Saudi petchems’ Q3 actual financials compared to closest estimates:
|
Saudi Research Firms’ Nearest Estimates |
||||
|
Research Firm |
(Change) Difference |
Nearest (closest) Estimates |
Net Profit (SAR mln) |
Company |
|
Saudi Fransi Capital |
+376% |
(9.0) |
(42.8) |
Chemanol |
|
NCB Capital |
+55% |
207.0 |
321.1 |
Petrochem |
|
Al-Bilad Investment |
+11% |
5052.0 |
5600.0 |
SABIC |
|
Alistithmar Capital |
+6% |
532.0 |
566.0 |
SAFCO |
|
AlJazira Capital |
(793%) |
18.0 |
(269.0) |
Tasnee |
|
Saudi Fransi Capital |
+5% |
197.0 |
207.0 |
SIIG |
|
NCB Capital |
+34% |
90.5 |
121.0 |
Sahara Petrochemical |
|
Alistithmar Capital |
(1%) |
305.0 |
301.7 |
Yansab |
|
Saudi Fransi Capital |
(21%) |
91.0 |
71.6 |
Sipchem |
|
AlJazira Capital |
+27% |
183.9 |
234.0 |
Advanced Petrochemical |
|
Maceen Capital |
+53% |
(9.0) |
(13.8) |
Saudi Kayan |
|
Riyad Capital |
(274%) |
265.0 |
(460) |
Petro Rabigh |
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