Saudi petchem sector’s Q2 2019 profit misses estimates by 25%

07/08/2019 Argaam Exclusive

The aggregate net profit of Saudi petrochemical producers hit SAR 3.63 billion in Q2 2019, missing average forecasts of SAR 4.84 billion by 25 percent, data compiled by Argaam showed.

 

Saudi Basic Industries Corp.’s (SABIC) Q2 net profit of SAR 2.1 billion came in 37 percent below estimates of SAR 3.4 billion.

 

Net earnings of Yanbu National Petrochemical Co. (Yansab) missed analysts’ expectations by 21 percent. 

 

Saudi Arabian Fertilizer Co. (SAFCO) reported an 8 percent profit miss.

 

Meanwhile, four petrochemical firms topped analysts’ forecasts, with National Industrialization Co. (Tasnee) recording the largest profit beat at 118 percent to SAR 296.7 million in Q2 2019.

 

Saudi Industrial Investment Group (SIIG) topped the average forecast of SAR 170 million by 20.7 percent. 

 

Saudi Kayan Petrochemical Co. posted net losses of SAR 273 million in Q2 2019, compared to average estimates of SAR 220.7 million.

Company Estimates Comparisons

Company 2019 - Q2 (net income) 2019 - Q2 (e) Change
SABIC 2,029.98 3,357.42 (39.5 %)
SABIC AGRI-NUTRIENTS 380.44 413.40 (8.0 %)
YANSAB 316.13 400.94 (21.2 %)
ADVANCED 192.31 173.90 10.6 %
SIPCHEM 210.85 238.03 (11.4 %)
Petrochem 183.45 167.70 9.4 %
TASNEE 212.14 194.47 9.1 %
SAUDI KAYAN (273.13) (220.73) (23.7 %)
SIIG 205.11 170.00 20.7 %
Total 3457.28 4895.12 (29.4 %)

Actual Profit versus Estimates

Company 2019 - Q2 (net income) 2019 - Q2 (e) Most Accurate Research Company
SABIC 2,029.98 3,200.00 OSOOL AND BAKHEET
SABIC AGRI-NUTRIENTS 380.44 403.00 Al Rajhi Capital
YANSAB 316.13 344.00 Riyad Capital
ADVANCED 192.31 184.00 Al Rajhi Capital
SIPCHEM 210.85 225.00 SNB Capital
Petrochem 183.45 180.00 SNB Capital
TASNEE 212.14 154.00 Al Rajhi Capital
SAUDI KAYAN (273.13) (291.20) AlJazira Capital
SIIG 205.11 170.00 SNB Capital

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