Aggregate Q4 profit of Saudi retailers beats estimates by 14%

The aggregate net profit of Tadawul-listed retailers stood at SAR 603.8 million in Q4 2017, 14 percent ahead of average market forecasts of SAR 531.6 million, according to data compiled by Argaam.

The earnings beat came despite the lower-than-expected figures reported by four players.

Fawaz Abdulaziz AlHokair Co. was the sector’s top performer, exceeding average estimates by 50 percent. The home appliance retailer made a net profit of SAR 48.69 million, compared to estimates of SAR 32.45 million.

Abdullah Al Othaim Markets came second, with earnings 46.4 percent higher than forecasts of SAR 113.94 million.

United Electronics Co.’s (Extra) net profit was 1.7 percent higher than expectations.

Meanwhile, Saudi Marketing Co. (Farm Superstores) reported the biggest miss of 33 percent. The company posted a net profit of SAR 9.05 million, compared to estimates at SAR 13.5 million.

Al-Khaleej Training and Education followed, with earnings 23.5 percent lower than forecasts of SAR 19.7 million.

The forecasts were issued by nine Saudi research firms, including Albilad Capital, NCB Capital, Al Rajhi Capital and Osool & Bakheet Investment Co.