The aggregate net profit of all Tadawul-listed petrochemical firms—except for Methanol Chemicals Co. (Chemanol) and Nama Chemicals Co.— of SAR 6.8 billion came 37 percent ahead of average consensus estimates of SAR 4.9 billion, according to data compiled by Argaam.
The sector figures were bolstered by petrochemical giant Saudi Basic Industries Corp (SABIC) as its SAR 4.7 billion net profit beat average estimates by 26 percent.
National Industrialization Co.’s (Tasnee) profit at SAR 103.9 million topped forecasts by 1947 percent.
Rabigh Refining and Petrochemical Co. (Petro Rabigh) came second, beating estimates by 507 percent, with a net profit of SAR 103.2 million.
Yanbu National Petrochemical Co. (Yansab) and Sahara Petrochemical’s figures for Q2 were above forecasts by 59 percent and 47 percent, respectively.
Saudi Kayan Petrochemical Co., which posted a net profit of SAR 91 in the second quarter, topped expectations for a net loss of SAR 185.2 million.
Saudi International Petrochemical Co. (Sipchem) was the only drag, missing average expectations by 54 percent.
The forecasts were issued by 11 Saudi research firms, including Riyad Capital, Aljazira Capital, NCB Capital, KSB Capital Group, Saudi Fransi Capital and Alistithmar Capital.
|
Actual vs. Estimate – Q2-2016 (SAR mln) |
|||
|
Company |
Actual Profit |
Average Estimate |
Difference |
|
Petrochem |
208.6 |
186.7 |
+12% |
|
SABIC |
4,740.0 |
3,727.1 |
+26% |
|
Safco |
299.0 |
297.1 |
+1% |
|
Tasnee |
103.9 |
5.1 |
%1,947+ |
|
Alujain |
37.8 |
25.0 |
+51% |
|
SIIG |
216.0 |
121.5 |
+48% |
|
Sahara Petrochemicals |
96.4 |
65.4 |
+47% |
|
Yansab |
689.3 |
432.4 |
+59% |
|
Sipchem |
26.0 |
56.9 |
(54%) |
|
Advanced Petrochemical |
186.6 |
173.6 |
+7% |
|
Saudi Kayan |
91.02 |
(185.2) |
-- |
|
Petro Rabigh |
103.2 |
17.0 |
+507% |
|
Total |
6,797.8 |
4,951.8 |
+37% |
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