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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
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Dar Alarkan Real Estate Development Co. had the lowest P/BV (0.37x) in
the Saudi market, followed by Al Jouf Cement Co. (0.65x).
The TTM P/BV for the Saudi market stood at 1.65x
Weqaya Takaful, Saudi Cable Co., and Etihad Atheeb Telecommunication
Co. lost 149.1%, 67.8%, and 46.4% of capital (since inception),
respectively.
Middle East Specialized Cables Co., United Cooperative Assurance Co., and
Arab National Bank, posted the lowest P/E (4.82x-6.96x) in the Saudi market
for the trailing 12 months (TTM), followed by Buruj Cooperative Insurance
Co.(7.83x).
The average P/E for the Saudi market on a TTM basis stood at 15.97x.
Arabian Cement Co. had the highest dividend yield (11.07%) in the Saudi
market. The Materials sector dominated the market in terms of dividend
yield, with 9 companies ranking among the top 15 companies.
Overall, the dividend yield in the Saudi market stood at 3.47%
Company D/Y(%)* P/Bv (x) P/E TTM (x)
Arabian Cement Co. 11.07 1.09 9.91Saudi Cement Co. 10.39 2.41 10.11Southern Province Cement Co. 9.29 2.13 10.20Yanbu Cement Co. 9.29 1.53 10.69Hail Cement Co. 8.96 0.92 12.35City Cement Co. 8.52 1.05 12.36United Wire Factories Co. 8.51 1.68 11.84Al Yamamah Steel Industries Co. 8.24 1.99 8.18Qassim Cement Co. 8.22 2.54 12.66Saudi Vitrified Clay Pipes Co. 7.21 2.50 17.01Zamil Industrial Investment Co. 7.15 0.97 8.77National Shipping Co. 6.93 1.56 9.28Saudi Airlines Catering Co. 6.87 5.65 13.86Arriyadh Development Co. 6.28 1.39 10.76Riyad Bank 6.28 0.83 9.66
Source: Bloomberg, AlJazira Capital. Prices as of 22nd of May
Company P/E TTM (x) P/BV (x) D/Y (%)*
Middle East Specialized Cables Co.** 4.82 0.92 0.00United Cooperative Assurance Co. 6.52 1.76 0.00Arab National Bank 6.96 0.85 4.50Buruj Cooperative Insurance Co. 7.83 2.30 0.00Saudi Investment Bank 8.02 0.69 3.67Al Yamamah Steel Industries Co. 8.18 1.99 8.24Al-Babtain Power and Telecommunication Co. 8.27 1.62 3.41Altayyar Travel Group 8.34 1.11 0.00Bank Aljazira 8.61 0.73 3.29Solidarity Saudi Takaful Co. 8.67 1.80 0.00Al Sagr Cooperative Insurance Co. 8.69 1.50 6.76Zamil Industrial Investment Co. 8.77 0.97 7.15Samba Financial Group 8.81 1.00 4.33National Commercial Bank 8.87 1.37 3.84Saudi United Cooperative Insurance Co. 8.92 2.47 0.00
Source: Bloomberg, AlJazira Capital. Prices as of 22nd of May . * Trailing 12 months (TTM), ** Non recurring profit
Company Bk Value P/Bv (x) L/C (%)
Weqaya Takaful -4.55 - -149.1%Saudi Cable Co. - - -67.8%Etihad Atheeb Co. 5.41 1.68 -46.4%Saudi Indian Co. 6.06 2.32 -39.0%Mobile Telecommunications Co. 6.16 1.65 -38.2%Al-Ahlia Insurance Co. 6.46 1.86 -35.9%Saudi Paper Manufacturing Co. 7.44 1.08 -35.4%Allied Cooperative Insurance 6.41 2.08 -34.7%MetLife AIG ANB Cooperative Co. 6.56 3.27 -34.4%Gulf Union Cooperative Co. 10.16 1.77 -30.8%The Mediterranean and Gulf Co. 8.57 2.08 -29.4%Middle East Specialized Co. 7.68 0.92 -28.6%Al Sorayai Trading and Industrial 8.08 1.12 -28.4%Saudi Printing and Packaging Co. 14.62 1.14 -28.2%Saudi Fisheries Co. 7.53 3.39 -23.7%
L /C refers to accumulated losses to capital Source: Bloomberg, AlJazira Capital. Prices as of 22nd of May
Top 15 Companies
Lowest 15 Companies
Top 15 Companies
Highest 15 Companies
Lowest P/E
Accumulated Loss to Capital
Highest D/Y
Lowest P/BV
Company P/Bv (x) P/E TTM (x) D/Y (%)*
Dar Alarkan Real Estate Co. 0.37 33.69 0.00Al Jouf Cement Co. 0.65 16.54 0.00Saudi Investment Bank 0.69 8.02 3.67Saudi Real Estate Co. 0.72 21.48 4.70Bank Aljazira 0.73 8.61 3.29Saudi Arabian Amiantit Co. 0.74 NM 0.00Methanol Chemicals Co. 0.75 NM 0.00Saudi Ceramic Co. 0.76 NM 3.57Riyad Bank 0.83 9.66 6.28Saudi Advanced Industries Co. 0.84 35.74 0.00Arab National Bank 0.85 6.96 4.50Najran Cement Co. 0.85 23.70 5.74Abdullah A. M. Al-Khodari Co. 0.87 NM 0.00Tabuk Cement Co. 0.89 23.82 0.00Al Abdullatif Industrial Co. 0.89 36.97 5.90
Source: Bloomberg, AlJazira Capital. Prices as of 22nd of May
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
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Al Rajhi Bank, at 12.8%, has the highest share of the Saudi market, followed
by Saudi Basic Industries Corp (8.7%), and Jabal Omar Development Co
(5.5%). These three companies account for more than 27.0% of the market index.
The most influential stocks in the Saudi market are from the Banking, Materials, and Real Estate Mgmt & Dev’t sectors.
AlJazira Mawten REIT Fund has been the best performing stock since the
beginning of 2017 (up 80.6% YTD), followed by United Electronics Co. (up
46.4% YTD).
The list indicates that just 15 companies have provided returns of 21.0% or
more, since the start of 2017
Nama Chemicals Co. has been the worst performer (down 37.9% YTD),
followed by Southern Province Cement Co. (down 37.8% YTD).
The list indicates that 15 companies lost 23.4% or more of their value since
the start of the year.
Company YTD % P/Bv (x) P/E TTM (x)
Nama Chemicals Co. -37.9% 1.59 NMSouthern Province Cement Co. -37.8% 2.13 10.20Tihama Advertising Co. -36.7% 5.18 NMThe Mediterranean and Gulf Co. -33.6% 2.08 NMSaudi Fisheries Co. -34.5% 3.39 NMSaudi Ground Services Co. -28.2% 3.10 13.86Saudi Arabian Amiantit Co. -26.0% 0.74 NMSaudi Cement Co. -25.9% 2.41 10.11Qassim Cement Co. -25.8% 2.54 12.66United Wire Factories Co. -25.4% 1.68 11.84Aldrees Petroleum Co. -25.0% 1.96 15.41National Medical Care Co. -24.8% 2.41 70.86Abdulmohsen Alhokair Group -38.9% 2.33 15.40City Cement Co. -24.0% 1.05 12.36Al Sagr Cooperative Insurance Co. -23.4% 1.50 8.69
Source: Bloomberg, AlJazira Capital. Prices as of 22nd of May
Company YTD % P/Bv (x) P/E TTM (x)
AlJazira Mawten REIT Fund 80.6% - -United Electronics Co. 46.4% 2.95 23.14Alujain Corp. 38.4% 1.52 13.09AXA Cooperative Insurance Co. 37.8% 2.09 23.45Salama Cooperative Insurance Co. 37.5% 2.11 12.74Buruj Cooperative Insurance Co. 31.3% 2.30 7.83JADWA REIT ALHARAMAIN 26.4% - -Al-Rajhi Company for Cooperative 26.2% 4.24 16.90Saudi Re for Cooperative Co. 24.4% 0.95 17.73Etihad Atheeb Telecommunication Co. 23.7% 1.68 NMArabian Shield Cooperative Co. 23.5% 3.00 10.50Mobile Telecommunication Co. 22.9% 1.65 NMNational Agricultural Development Co. 21.1% 1.74 31.24Riyad REIT Fund 21.1% 1.34 68.15Jarir Marketing Co. 21.0% 8.33 16.22
Source: Bloomberg, AlJazira Capital. Prices as of 22nd of May
Company Issued Shares (mn)
Free Shares (mn) F/I (%)
Kingdom Holding Co. 3705.9 185.3 5.0%Saudi Telecom 2000.0 322.9 16.1%Saudi Electricity Co. 4167.0 712.0 17.1%National Petrochemical Co. 480.0 82.3 17.1%Saudi Basic Industries Corp 3000.0 629.8 21.0%Rabigh Refining and Petrochemical 876.0 190.2 21.7%Herfy Food Services 64.7 14.6 22.6%ALAWWAL 1143.1 315.6 27.6%Saudi German Hospital 92.0 27.2 29.5%Saudi Ground Services Co. 188.0 56.2 29.9%AlHammadi Company 120.0 35.9 29.9%Jazira Takaful 35.0 10.5 30.0%L'Azurde 43.0 12.9 30.0%Al Alamiya 40.0 12.0 30.0%Al Yamamah Steel Industries Co. 50.8 15.3 30.0%
Source: Bloomberg, AlJazira Capital. Prices as of 22nd of May
F/I refers to free to issued shares
Best 15 Companies
Top 15 Companies
Worst 15 Companies
Least 15 Companies
Top price performers
Weight to the market index
Worst price performers
Ratio of free to issued shares
Company % of TASI No. of Free Shares (mn) P/E TTM (x)
Al Rajhi Bank 12.8% 1412.05 12.29Saudi Basic Industries Corp. 8.7% 629.83 15.01Jabal Omar Development Co. 5.5% 564.48 74.72National Commercial Bank 4.0% 711.07 8.87Samba Financial Group 3.1% 1005.44 8.81Saudi telecom Co. 3.1% 322.89 16.10Almarai Co. 2.9% 290.28 29.61Banque Saudi Fransi 2.4% 645.43 9.20Alinma Bank 2.4% 1109.8 14.37Riyad Bank 2.4% 1568.27 9.66Saudi Arabian Mining Co. 2.3% 403.78 98.67Saudi Electricity Co. 2.3% 712.01 11.57Savola Group 2.3% 397.75 NMJarir Marketing Co. 1.7% 86.22 16.22Yanbu National Petrochemical Co. 1.6% 200.58 12.42
Source: Bloomberg, AlJazira Capital. Prices as of 22nd of May
Kingdom Holding Co. has the lowest ratio of free-to-issued shares, with just
5.0% of the shares issued being traded in the market.
According to the data, four companies have less than 21.0% of free floats.
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
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Jarir Marketing Co. has the highest return on equity (RoE) at 51.4% on a
TTM basis, followed by Saudi Airlines Catering Co. at 40.8%.
The top 15 companies have RoE of over 23.8%.
Jarir Marketing Co. and Saudi Airlines Catering Co. registered the highest
return on assets (RoA) in the Saudi market at 31.5% and 28.7% on a TTM
basis, followed by Saudi Cement Co. at 18.8%.
The top 15 companies have RoA of over 11.7%
Company YTD % P/Bv (x) ROA (%)
Jarir Marketing Co. 21.0% 8.33 31.5%Saudi Airlines Catering Co. -15.0% 5.65 28.7%Saudi Cement Co. -25.9% 2.41 18.8%Saudia Dairy and Foodstuff Co. 4.7% 3.37 18.3%Qassim Cement Co. -25.8% 2.54 17.7%Saudi Ground Services Co. -28.2% 3.10 16.9%Southern Province Cement Co. -37.8% 2.13 16.2%Advanced Petrochemical Co. -1.9% 3.07 15.8%Herfy Food Services Co. 0.9% 4.33 15.6%Saudi Arabia Fertilizers Co. -12.5% 4.14 13.8%Middle East Healthcare Co. 6.2% 4.21 13.8%Al Yamamah Steel Industries Co. -6.3% 1.99 12.9%Baazeem -31.9% 1.71 12.9%Yanbu National Petrochemical Co. 1.7% 1.96 12.5%Mouwasat Medical Services Co. 2.5% 5.57 11.8%
Source: Bloomberg, AlJazira Capital. Prices as of 22nd of May
Company YTD % P/Bv (x) ROE (%)
Jarir Marketing Co. 21.0% 8.33 51.4%Saudi Airlines Catering Co. -15.0% 5.65 40.8%The Company for Cooperative 12.9% 4.60 31.8%Buruj Cooperative Insurance Co. 31.3% 2.30 29.5%Saudi United Cooperative Co. 20.2% 2.47 26.3%Arabian Shield Cooperative Co. 23.5% 3.00 26.1%United Cooperative Assurance Co. 7.2% 1.76 25.9%Herfy Food Services Co. 0.9% 4.33 25.3%Al-Rajhi Company 26.2% 4.24 25.1%Bupa Arabia Co. -13.1% 4.43 24.7%Al Yamamah Steel Industries Co. -6.3% 1.99 24.5%Advanced Petrochemical Co. -1.9% 3.07 24.3%Saudi Company for Hardware 17.9% 4.47 24.0%Saudi Cement Co. -25.9% 2.41 23.9%Saudia Dairy and Foodstuff Co. 4.7% 3.37 23.9%
Source: Bloomberg, AlJazira Capital. Prices as of 22nd of May
Best 15 Companies Best15 CompaniesReturn on Equity (ROE) Return on Assets (ROA)
The overall net earnings of the companies listed on the TASI Increased 38.9% YoY to SAR 30.9bn in 1Q2017 from SAR22.2bn in 1Q2016. Banks and Materials
accounted for 65.2% of total earnings. SABIC, National Commercial Bank, and Saudi Telecom Company were major growth drivers, accounting for 16.9%,
8.7%, and 8.2% share of earnings, respectively, in 1Q2017.
-20.0%
20.0%
-10.0%
10.0%
0.0%
50.0%
40.0%
30.0%
2Q2015/2016 1Q2016/20173Q2015/2016 4Q2015/2016
(SAR
Mn)
Earnings (Prior Year TTM) Earnings (Current Year TTM) % YoY (RHS)
0
10,000
20,000
30,000
40,000
-11.4% -1.1%
-7.3%
38.9%
Total net profit for listed companies in the Saudi Market
Source: Bloomberg, AlJazira Capital
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
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h The Saudi market’s net profit surged 39.2% YoY to SAR31.0bn in 1Q2017 from SAR 22.3bn in 1Q2016.
h The market’s weighted-average earnings per share (EPS) in 1Q2017 stood at SAR 0.60.
h Index heavyweights Banks and Materials contributed the most to total earnings (37.6% and 27.7%, respectively), while Media contributed the least.
h The Capital Goods sector was the best performer in the Saudi market, with a 343.7% YoY increase in net profit at SAR 164.9mn in 1Q2017, compared with a net profit of SAR37.2mn in 1Q2016. This improvement was primarily led by National Industrialization Co., which posted a net profit of SAR 103.3mn in 1Q2017 compared to a loss of SAR 103.5mn in 1Q2016.
h In 1Q2017,Capital Goods witnessed the highest YoY growth, while seven sectors registered YoY decline in net profit. The combined net profit of the total Saudi stock market increased 38.9% YoY, led by higher weightage of the Banks & Materials that coinsided with non-reoccuring, non-cash, profits for Saudi Electricity Company.
YTD TASI Index Performance
11 21 31 10-
20-
2- 12-
22- 1-
650066006700680069007000710072007300
1- J
an
11- J
an
21- J
an
31- J
an
10- F
eb
20- F
eb
2- M
ar
12- M
ar
22- M
ar
1- A
pr
11- A
pr
21- A
pr
1- M
ay
11- M
ay
21- M
ay
-30%
-23%
-16%
-9%
-2%
5%
12%
19%
Ener
gy Mat
eria
lsC
apita
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omm
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al &
Pro
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mer
Dur
able
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Appa
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Con
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ervi
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Med
ia Reta
iling
Food
& S
tapl
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Food
& B
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vcPh
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Div
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sura
nce
Tele
com
mun
icat
ion
Serv
ices
Util
ities
Real
Est
ate
Mgm
t & D
ev't
YTD 2017 Sector Performance
-3.46% YTD
Sector
1Q2016 1Q2017YoY
ChangeNet Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
Sector profit to Total
Energy 603.0 0.45 156.5 0.12 -47.0% 0.5%Materials 5,755.3 0.51 8,579.0 0.75 49.1% 27.7%Capital Goods 37.2 0.03 164.9 0.12 343.7% 0.5%Commercial & Professional Svc. 134.2 0.95 105.6 0.74 -21.3% 0.3%Transportation 289.6 0.71 210.4 0.52 -27.3% 0.7%Consumer Durables & Apparel 30.1 0.12 48.6 0.19 61.3% 0.2%Consumer Services 333.8 0.72 227.6 0.49 -31.8% 0.7%Media 12.0 0.14 11.0 0.13 -8.0% 0.0%Retailing 151.1 0.31 374.0 0.77 147.5% 1.2%Food & Staples Retailing 71.5 0.60 79.6 0.67 11.3% 0.3%Food & Beverages 792.0 0.47 643.9 0.38 -18.7% 2.1%Health Care Equipment & Svc. 291.2 0.80 311.1 0.85 6.8% 1.0%Pharma, Biotech & Life Science 88.5 0.74 100.0 0.83 12.9% 0.3%Banks 11719.7 0.70 11645.7 0.69 -0.6% 37.5%Diversified Financials 60.2 0.02 153.2 0.04 154.6% 0.5%Insurance 365.2 0.31 406.4 0.35 11.3% 1.3%Telecommunication Services 2,104.4 0.62 2,387.0 0.70 13.4% 7.7%Utilities -747.7 -0.18 5,001.0 1.18 - 16.1%Real Estate Mgmt & Dev't. 176.1 0.05 394.0 0.10 123.7% 1.3%Total Saudi Market 22,267.2 0.43 30,999.4 0.60 39.2% 100.0%
Source: Tadawul, Bloomberg, AlJazira Capital
Sectors Performance
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
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Net earnings of Saudi Arabia’s Energy sector declined to SAR156.5mn in 1Q2017 compared
to SAR603.0mn in 1Q2016. The sector’s EPS stood at SAR 0.12 per share.
h Rabigh Refining was the worst performer during the quarter, reporting a net loss of
SAR 240.0mn in 1Q2017.
Energy Sector
4200
4400
4600
4800
5000
5200
-5-
Jan
-13
- Jan
-21
- Jan
-29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
-30%
-23%
-16%
-9%
-2%
5%
12%
19%
SAUDI ARABIA REF
RABIGHREFINING
NATIONALSHIPPIN
ALDREESPETROLEU
YTD 2017 Energy Sector
-14.5% YTD
Company Name
1Q2016 1Q2017YoY
ChangeNet Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X) D/Y (%)*
Saudi Arabia Refineries -0.7 -0.05 3.0 0.20 - NM 1.28 0.00Rabigh Refining -37.0 -0.04 -240.0 -0.27 -548.6% NM 1.34 0.00National Shipping 612.9 1.56 378.9 0.96 -38.2% 9.28 1.56 6.93Aldrees 27.8 0.56 14.6 0.29 -47.5% 15.412 1.96 3.35
Total 603.0 0.45 156.5 0.12 -74.0% 9.58 1.47 257.2%Source: Tadawul, Bloomberg, AlJazira Capital
* Trailing 12 months (TTM)
Energy Sector
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
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The net profit of Saudi Arabia’s Materials sector surged 49.1% YoY to SAR 8.6bn in 1Q2017 from SAR 5.7bn in 1Q2016. Index heavyweight Saudi Basic
Industries Corp recorded an increase of 79.9%. Saudi Arabia Fertilizers Company reported a growth of 51.7% YoY. The sector’s EPS stood at SAR 0.75
per share.
h All cement companies in this sector registered a YoY decline in profit expect for Umm AlQura which recorded net income of SAR 17.0mn. Najran
Cement Company’s profit (down 81.7% YoY) declined the most, followed by Hail Cement (down 74.4% YoY).
Company Name
1Q2016 1Q2017
Net Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X)
D/Y (%)*
Sahara Petrochemical 54.7 0.12 96.0 0.22 75.6% 13.29 1.13 5.42Yanbu National Petro 421.7 0.75 608.2 1.08 44.2% 12.42 1.96 5.42Saudi Basic Industries 2909.9 0.97 5234.5 1.74 79.9% 15.01 1.81 4.05Advanced Petrochemical 142.9 0.73 124.4 0.63 -12.9% 12.66 3.07 5.86Alujain Corporation 2.8 0.04 28.9 0.42 945.3% 13.09 1.52 3.82National Petrochemical 121.4 0.25 167.9 0.35 38.3% 20.67 1.43 2.64Saudi Industrial Investment Group 29.0 0.06 310.0 0.69 969.0% 13.32 1.49 2.39Saudi Arabia Fertilizers 279.0 0.67 423.4 1.02 51.7% 23.40 4.14 3.75Saudi International Petrochemical 49.2 0.13 91.7 0.25 86.4% 52.82 1.09 0.00Saudi Kayan -194.4 -0.13 265.5 0.18 - 21.05 0.95 0.00Methanol Chemicals -27.5 -0.23 -5.6 -0.05 79.6% NM 0.75 0.00Nama Chemicals -23.7 -0.18 -3.8 -0.03 84.1% NM 1.59 0.00Southern Province 283.0 2.02 105.0 0.75 -62.9% 10.20 2.13 9.29Saudi Cement 263.0 1.72 165.0 1.08 -37.3% 10.11 2.41 10.39Hail Cement 32.3 0.33 8.3 0.08 -74.4% 12.35 0.92 8.96City Cement 73.3 0.39 37.9 0.20 -48.3% 12.36 1.05 8.52Arabian Cement 225.6 2.26 100.7 1.01 -55.4% 9.91 1.09 11.07Al Jouf Cement 24.7 0.19 16.3 0.13 -34.1% 16.54 0.65 0.00Tabuk Cement 21.3 0.24 8.7 0.10 -59.2% 23.82 0.89 0.00Northern Region 42.9 0.24 16.5 0.09 -61.6% 16.21 0.90 4.46Qassim Cement 133.8 1.49 80.2 0.89 -40.1% 12.66 2.54 8.22Yanbu Cement 171.0 1.09 124.0 0.79 -27.5% 10.69 1.53 9.29Yamamah Saudi 150.5 0.74 50.8 0.25 -66.2% 13.53 1.05 5.62Eastern Province 86.0 1.00 50.0 0.58 -41.9% 11.56 1.05 5.64Najran Cement 61.3 0.36 11.2 0.07 -81.7% 23.70 0.85 5.74Umm Al-Qura Cement -3.7 -0.07 17.0 0.31 - 110.51 2.12 0.00Takween Advanced 1.9 0.02 -8.9 -0.09 - NM 1.29 0.00Middle East Paper 16.8 0.34 3.3 0.07 -80.6% 12.13 1.21 2.94Basic Chemical 10.8 0.39 5.9 0.21 -45.4% 16.36 1.31 4.34Saudi Arabian Mining 194.3 0.17 275.6 0.24 41.8% 98.67 1.95 0.00United Wire Factories 17.3 0.39 7.7 0.18 -55.5% 11.84 1.68 8.51Al Yamamah Steel ** 55.7 1.10 48.3 0.95 -13.3% 8.18 1.99 8.24Saudi Steel Pipe 8.5 0.17 10.2 0.20 19.8% NM 1.12 0.00National Gypsum 3.7 0.12 -3.4 -0.11 - 41.70 0.91 4.51The National Glass 13.7 0.46 15.2 0.51 11.3% 23.92 1.02 3.85FIPCO 4.5 0.39 3.2 0.28 -29.8% 38.18 2.12 1.45Arabian Pipes -11.0 -0.27 -2.5 -0.06 77.2% 47.06 0.97 0.00MAADANIYAH 11.7 0.42 1.5 0.05 -87.6% 48.11 1.53 2.22Saudi Chemical 51.5 0.81 55.2 0.87 7.1% 14.70 1.47 4.22Zamil Industrial 52.9 0.88 41.8 0.70 -21.0% 8.77 0.97 7.15Saudi Paper -7.1 -0.16 -6.3 -0.14 10.1% NM 1.08 0.00Total 5755.3 0.51 8579.0 0.75 49.1% 16.26 1.76 4.10
Source: Tadawul, Bloomberg, AlJazira Capital * Trailing 12 months (TTM), **2Q Ending in March 31st
Materials Sector
Materials Sector
4600
4700
4800
4900
5000
5100
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
-50%
-40%
-30%
-20%
-10% 0%
10%
20%
30%
40%
50%
SAHARA PETROCHEMYANBU NATIONAL P
SABICADVANCED PETROCH
ALUJAIN CORPNATIONAL PETROCH
SAUDI IND INVESTSAUDI ARABIAN FESAUDI INTERNATIO
SAUDI KAYAN PETRMETHANOL CHEMICANAMA CHEMICALS C
SOUTHERN PROVINCSAUDI CEMENT
HAIL CEMENTCITY CEMENT CO
ARABIAN CEMENTAL JOUF CEMENT
TABUK CEMENT CONORTHERN REGION
QASSIM CEMENTYANBU CEMENT CO
YAMAMA CEMENT COEASTERN CEMENT
NAJRAN CEMENT COUMM AL-QURA CEME
TAKWEEN ADVANCEDMIDDLE EAST PAPE
BASIC CHEMICAL ISAUDI ARABIAN MI
UNITED WIRE FACTAL YAMAMAH STEEL
SAUDI STEEL PIPENATIONAL GYPSUM
NATIONAL CO/THEFILING & PACKING
ARABIAN PIPES COMAADANIYAH
SAUDI CHEMICAL CZAMIL INDUSTRIAL
SAUDI PAPER MANUBISHAH AGRICULTU
% YTD 2017 Materials Sector
-3.9% YTD
7
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
© All rights reserved
Net earnings of Saudi Arabia’s Capital Goods sector increased by 343.7% YoY stood at SAR 164.9mn during 1Q2017 compared to SAR 37.2mn. The
sector’s EPS stood at SAR 0.12 per share.
The increase in sector’s profitability was due to net profit registered by National Industrialization of SAR 103.3mn, compared to a loss of SAR 103.5mn.
Company Name
1Q2016 1Q2017
Net Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X)
D/Y (%)*
Bawan Company 28.5 0.48 21.6 0.36 -24.3% 10.05 1.36 6.19Astra Industrial Group 12.8 0.16 19.7 0.25 54.2% 27.95 1.04 3.07ALKHODARI 2.2 0.04 -17.8 -0.32 - NM 0.87 0.00Saudi Ceramic Co. 47.7 0.95 12.2 0.24 -74.5% NM 0.76 3.57National Industrialization -103.5 -0.15 103.3 0.15 - 21.59 1.28 0.00Saudi Cable Co. -49.7 -0.65 -14.5 -0.19 70.8% - - 0.00Al-Ahsa Development -1.6 -0.03 1.8 0.04 - NM 1.32 0.00Saudi Arabian Amiantit 0.5 0.00 -45.8 -0.40 - NM 0.74 0.00Saudi Industrial Services 24.2 0.30 22.1 0.27 -8.7% 11.54 1.00 3.28Al-Babtain 39.7 0.93 39.1 0.92 -1.5% 8.27 1.62 3.41Saudi vitrified clay Pipes 33.6 2.24 11.9 0.79 -64.6% 17.01 2.50 7.21Middle East Cables -5.1 -0.08 3.9 0.06 - 4.82 0.92 0.00Saudi Industrial Export -1.6 -0.15 -3.3 -0.31 -106.3% NM 3.00 0.00Electric Industries 9.4 0.21 10.7 0.24 12.8% 19.52 1.60 3.99
Total 37.2 0.03 164.9 0.12 343.7% 16.09 1.23 2.19Source: Tadawul, Bloomberg, AlJazira Capital
Capital Goods Sector
Capital Goods Sector
4250
4500
4750
5000
5250
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
AL-A
HSA
-30%-25%-20%-15%-10%
-5%0%5%
10%15%20%
BAW
AN C
O
ASTR
A IN
DUST
RIAL
MOH
AMM
AD A
L MOJ
IAB
DULL
AH A
.M. A
L
SAUD
I CER
AMIC
CO
NIC
SAUD
I CAB
LE C
O
SAUD
I ARA
BIAN
AM
SISC
O
AL B
ABTA
IN P
OWER
SAUD
I VIT
RIFI
ED
MID
DLE
EAST
SPE
C
SAUD
I INDU
S EX
PO
ELEC
TRIC
AL IN
DUS
YTD 2017 Capital Goods Sector
-12.9% YTD
8
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
© All rights reserved
Saudi Arabia’s Commericial & Professional Services sector recorded a 21.3% decline in net
profit of SAR 105.6mn in 1Q2017,as compared to net profit of SAR 134.2mn in 1Q2016.
The sector’s EPS for the quarter stood at SAR 0.74 per share.
The Transportation sector’s net profit declined 27.3% YoY to SAR 210.4mn in 1Q2017 from
SAR 289.6mn in 1Q2016. The sector’s EPS stood at SAR 0.52per share.
Saudi Public Transport showed a decline of 89.4%, while Saudi Ground Services recorded for
the highest earning of SAR155.1mn during 1Q2017.
Company Name
1Q2016 1Q2017YoY
Change%Net Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X)
D/Y (%)*
Saudi Printing and Packaging 3.8 0.06 -15.8 -0.26 - NM 1.14 0.00
Saudi Airlines Catering 130.4 1.59 121.4 1.48 -6.9% 13.86 5.65 6.87
Total 134.2 0.95 105.6 0.74 -21.3% 13.86 3.82 3.44Source: Tadawul, Bloomberg, AlJazira Capital
Company Name
1Q2016 1Q2017YoY
Change%Net Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X)
D/Y (%)*
Saudi Ground Services 192.1 1.02 155.1 0.83 -19.3% 13.86 3.10 4.09Saudi Public Transport 33.3 0.27 3.5 0.03 -89.4% 17.10 1.17 3.45United International 48.8 0.69 42.5 0.60 -13.0% 9.64 1.55 4.72Batic Investments and Logistics 15.3 0.64 9.3 0.39 -39.4% 141.13 4.03 0.00
Total 289.6 0.71 210.4 0.52 -27.3% 14.70 2.36 3.06Source: Tadawul, Bloomberg, AlJazira Capital
Commercial & Professional Svc Sector
Transportation Sector
Commercial & Professional Services Sector
4000
4500
5000
5500
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
Transport Sector
3500
4000
4500
5000
5500
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
Saudi Printing andPackaging Co.
Saudi AirlinesCatering
-15%
-14%
-13%
-12%
-30%
-25%
-20%
-15%
-10%
-5%
0%
SAUDI GROUND SER
SAPTCO
UNITED INTERNATI
SAUDI TRANSPORT
YTD 2017 Commercial & Professional Svc Sector
YTD 2017 Transportation Sector
-14.14%YTD
-18.68% YTD
9
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
© All rights reserved
Saudi Arabia’s Consumer Durables & Apparel sector’s net profit increased to SAR 48.6mn
1Q2017 compared to SAR 30.1mn in 1Q2016. The sector’s EPS stood at SAR 0.19 per share.
The increase in net income was supported by Fitaihi Holding Group and Saudi industrial
Development, which registered net income of SAR 11.9mn and SAR 0.8mn in 1Q2017compared
to loss of SAR 30.2mn and SAR 8.6mn in 1Q2016.
The net earnings of Saudi Arabia’s Consumer Services sector declined 31.8% YoY to SAR
227.6mn in 1Q2017 from SAR 333.8mn in 1Q2016. The sector’s EPS was SAR 0.49 per share.
The sector’s earnings were impacted by Abdulmohsen Alhokair Co. net profit, which fell
83.7% YoY to SAR 8.0mn during 1Q2017.
Company Name
1Q2016 1Q2017YoY
Change%Net Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X) D/Y(%)*
Al Sorayai Trading Group 3.1 0.08 1.4 0.04 -53.5% NM 1.12 0.00Saudi Industrial Dev. -8.6 -0.22 0.8 0.02 - NM 1.28 0.00AlAbdullatif Industrial Co 14.8 0.18 12.4 0.15 -16.2% 36.97 0.89 5.90Lazurde Co. 51.0 1.19 22.0 0.51 -56.9% 22.18 2.38 2.14Fitaihi Holding Group -30.2 -0.55 11.9 0.22 - 89.77 1.02 0.00Total 30.1 0.12 48.6 0.19 61.3% 34.13 11.85 1.61
Source: Tadawul, Bloomberg, AlJazira Capital
Company Name
1Q2016 1Q2017YoY
Change%Net Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X) D/Y(%)*
Dur Hospitality Co. 31.7 0.32 24.7 0.25 -22.2% 18.95 1.12 4.43Al-Tayyar Travel Group 191.0 0.91 137.0 0.65 -28.3% 8.34 1.11 0.00Tourism Enterprise Co. 0.6 0.06 -1.0 -0.10 - NM 3.18 0.00Herfy Food Services 53.4 1.15 52.7 1.14 -1.2% 17.10 4.33 3.74Alkhaleej Co. 8.0 0.20 6.3 0.16 -21.3% 16.47 1.30 2.88Abdulmohsen Alhokair 49.2 0.89 8.0 0.15 -83.7% 15.40 2.33 4.41Total 333.8 0.72 227.6 0.49 -31.8% 11.66 1.52 2.58
Source: Tadawul, Bloomberg, AlJazira Capital
Consumer Durables & Apparel Sector
Consumer Services Sector
Consumer Durables & Apparel Sector
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
4000
4500
5000
5500
Consumer Services Sector
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
4000
4500
5000
5500
ALSO
RAYA
IG
ROUP
SIDC
ALAB
DULL
ATIF
L'AZ
URDE
CO
FO
R
FITA
IHI H
OLD
ING
-20%
-15%
-10%
-5%
0%
5%
10%
15%
DUR
HO
SPIT
ALIT
Y
AL T
AYYA
R TR
AVEL
SHAM
S
HER
FY F
OO
D S
ERVI
AL K
HAL
EEJ
TRAI
N
ABD
UL M
OH
SEN
AL
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
YTD 2017 Consumer Durables & Apparel Sector
YTD 2017 Consumer Services Sector
-8.0% YTD
-17.2%YTD
10
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
© All rights reserved
Saudi Arabia’s Media sector recorded a net profit of SAR 11.0mn in 1Q2017,as compared to
SAR 12.0mn in 1Q2016.
The sector’s EPS for the quarter stood at SAR 0.13 per share.
Saudi Arabia’s Retailing sector recorded an increase 147.5% YoY in net profit in 1Q2017. Net
profit increased to SAR 374.0mn in 1Q2017 from SAR 151.1mn in 1Q2016. The sector’s EPS
stood at SAR 0.77 per share.
Heavyweight Jarir dominated the sector earnings, the net profit was up 26.5% YoY to SAR
221.4mn in 1Q2017. In addition, Fawaz Abdulaziz AlHokair Company registered net profit of
SAR 79.4mn compared to SAR 3.2mn in 1Q2016.
Company Name
1Q2016 1Q2017YoY
Change%Net Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X) D/Y (%)*
Saudi Research 21.7 0.27 18.0 0.23 -17.1% NM 2.740 0.00Tihama Adv. & PR* -9.7 -1.30 -7.0 -0.93 28.2% NM 5.180 0.00
Total 12.0 0.14 11.0 0.13 -8.0% NM 2.890 0.00Source: Tadawul, Bloomberg, AlJazira Capital
* 4Q Ending March 2017
Company Name
1Q2016 1Q2017YoY
Change%Net Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X) D/Y (%)*
Shaker Co. -14.9 -0.24 28.0 0.44 - 175.35 0.89 5.12Extra -45.9 -1.09 12.9 0.31 - 23.14 2.95 0.00Saudi Co. for Hardware 28.7 1.20 30.8 1.28 7.1% 18.67 4.47 2.99Saudi Automotive 5.0 0.09 1.6 0.03 -67.3% 31.46 1.17 2.91Jarir Marketing Co. 175.0 1.94 221.4 2.46 26.5% 16.22 8.33 5.48Fawaz AlHokair Co.* 3.2 0.02 79.4 0.38 2403.2% 19.97 2.71 0.00
Total 151.1 0.31 374.0 0.77 147.5% 18.71 3.62 2.75Source: Tadawul, Bloomberg, AlJazira Capital
* 4Q Ending March 2017
Media Sector
Retailing Sector
Media Sector
3500
4000
4500
5000
5500
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
Retailing Sector
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
4500
5000
5500
6000
SAUDI RESEARCH
TIHAMA-40%
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
-30%-15%
Shak
er C
o.
Unite
d El
ectro
nics
Saud
i Com
pany
for H
ardw
are
SASC
O
JARI
R M
ARKE
TIN
G
Hok
air
0%
15%
30%
45%
60%
YTD 2017 Media Sector
YTD 2017 Retailing Sector
-10.72% YTD
12.68% YTD
11
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
© All rights reserved
Net earnings of Saudi Arabia’s Food & Staples sector increased by 11.3% YoY to SAR 79.6mn in
1Q2017 from SAR 71.5mn in 1Q2016. The sector’s EPS stood at SAR 0.67 per share. Abdullah
Al Othaim Co. was the best performer during the quarter, reporting a net profit of SAR
60.2mn in 1Q2017.
Saudi Arabia’s Food & Beverages sector recorded a net profit of SAR 643.9mn in 1Q2017
compared to SAR 792.0mn in 1Q2016. The sector’s EPS stood at SAR 0.38 per share.
The sector’s weak performance was due to the decline in the net profit of index heavyweights
Savola Group (down 96.0%YoY) and National Agricultural Development Co. (down 83.2%
YoY). This decline in the sector’s net earnings was partially offset by stable YoY performance
of another major player Almarai Co. (up 13.7% YoY).
Company Name
1Q2016 1Q2017YoY
Change%Net Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X) D/Y(%)*
Abdullah Al Othaim 46.6 1.04 60.2 1.34 29.0% 19.56 3.65 1.90Saudi Marketing Co. 25.5 0.57 22.5 0.50 -11.5% 14.94 2.04 3.36Anaam International -2.8 -0.14 -4.6 -0.23 -61.5% NM 2.21 0.00National Agriculture 2.3 0.23 1.5 0.15 -35.1% NM 3.09 0.00Total 71.5 0.60 79.6 0.67 11.3% 18.31 3.05 1.32
Source: Tadawul, Bloomberg, AlJazira Capital
Company Name
1Q2016 1Q2017YoY
Change%Net Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X) D/Y(%)*
Qassim Agriculture Co. 95.3 3.18 0.2 0.01 -99.8% 256.63 1.12 0.00Saudia Dairy and Foodstuff Co.* 260.2 8.01 301.0 9.26 15.7% 14.10 3.37 3.06Wafrah for Industry 0.1 0.01 -5.0 -0.25 - NM 2.60 0.00Halwani Bros 13.7 0.48 20.4 0.71 49.5% 24.56 2.60 4.98Almarai Company 288.7 0.36 328.3 0.41 13.7% 29.61 5.65 1.16Al-Jouf Agriculture 8.8 0.29 8.1 0.27 -7.9% 9.26 1.16 3.29NADEC 25.6 0.30 4.3 0.05 -83.2% 31.24 1.74 1.55Jazan Development 1.2 0.02 -1.7 -0.03 - 71.88 1.15 3.70Savola Group 119.4 0.22 4.8 0.01 -96.0% NM 2.67 3.04Sharqiya Dev Co. -4.1 -0.54 -3.6 -0.48 11.8% NM 1.30 0.00Tabuk Agriculture -6.8 -0.15 -3.7 -0.08 44.8% NM 1.13 3.61Saudi Fisheries Co. -10.2 -0.51 -9.2 -0.46 10.1% NM 3.39 0.00Total 792.0 0.47 643.9 0.38 -18.7% 27.32 3.80 2.03
Source: Tadawul, Bloomberg, AlJazira Capital, * 4Q Ending in March 2017
Food & Staples Retailing Sector
Food & Beverages Sector
Food & Staples Retailing Sector
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
4500
4750
5000
5250
5500
Food & Beverages Sector
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
4500
4750
5000
5250
5500
Saudi Marketing
Anaam Internatio
National Agricul
AbdullahAl Othaim
-20%
0%
20%
40%
AL Q
ASSI
M A
GRI
CU
SAD
AFC
O
WAF
RAH
FO
R IN
DUS
HAL
WAN
I BRO
S C
O
ALM
ARAI
CO
AL J
OUF
NAT
ION
AL A
GRI
CUL
JAZA
N D
EVEL
OPM
EN
SAVO
LA
ASH
SHAR
QIY
AH D
E
TABU
K AG
RIC
ULTU
R
SAUD
I FIS
HER
IES
-50%-40%-30%-20%-10%
0%10%20%30%
% YTD 2017 Food & Staples Retailing Sector
% YTD 2017 Food & Beverages Sector
3.9% YTD
5.6% YTD
12
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
© All rights reserved
Saudi Arabia’s Pharma, Biotech & Life Science sector posted a net profit of SAR100.0mn in
1Q2017 compared to SAR 88.5mn in 1Q2016. The sector’s EPS was SAR 0.83 per share.
Company Name
1Q2016 1Q2017
YoY Change%Net
Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X) D/Y (%)*
Saudi Pharmaceutical 88.5 0.74 100.0 0.83 12.9% 11.29 1.49 2.87
Total 88.5 0.74 100.0 0.83 12.9% 11.29 1.50 2.87Source: Tadawul, Bloomberg, AlJazira Capital
Pharma, Biotech & Life Scie. Sector
-20%
0%
SAUDI PHARMACEUT
Pharma, Biotech & Life Science Sector
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
4000
4500
5000
5500
% YTD 2016 Pharma, Biotech & Life Science Sector
-8.7% YTD
The Health Care Equipment & Services sector’s net profit increased 6.8% YoY to SAR 311.1mn
in 1Q2017 compared to SAR 291.2mn in 1Q2016. The sector’s EPS stood at SAR 0.85 per share.
National Medical Care Company’s profit (down 54.5% YoY) declined the most. While Dallah Healthcare increased the most 46.3%YoY.
Company Name
1Q2016 1Q2017YoY
Change%Net Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X)
D/Y (%)*
Dallah Healthcare 58.1 0.98 85.0 1.44 46.3% 23.25 3.66 2.01National Medical Care 32.4 0.72 14.7 0.33 -54.5% 70.86 2.41 0.00Mouwasat Medical 68.5 1.37 85.1 1.70 24.2% 28.11 5.57 1.65Middle East Healthcare 104.2 1.13 105.1 1.14 0.9% 19.81 4.21 2.57Al Hammadi 28.0 0.23 21.1 0.18 -24.4% 58.83 3.41 1.89
Total 291.2 0.80 311.1 0.85 6.8% 27.71 3.96 1.62Source: Tadawul website, AlJazira Capital
Health Care Equipment & Svc Sector
Health Care Equipment & Services Sector
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
4500
4750
5000
5250
DallahHealthcare Middle East
Healthcare AlHammadi
NationalMedical Care
MouwasatMedical
-20%
-40%
0%
20%% YTD 2017 Health Care Equipment & Svc Sector
-1.6% YTD
13
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
© All rights reserved
The Banking sector’s net profit declined 0.6% YoY to SAR11.6bn in 1Q2017. The sector’s EPS stood at SAR 0.69per share.
Saudi Investment Bank registered the highest growth of 64.2%YoY while AlJazira Bank showed the worst performance with decline of 43.3%YoY, due to non-recurring item in 1Q2016.
Company Name
1Q2016 1Q2017
YoY Change%Net
Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X) D/Y(%)*
Alinma Bank 391.0 0.26 421.0 0.28 7.6% 14.37 1.14 3.41
Al Rajhi Bank 2017.0 1.24 2221.0 1.37 10.1% 12.29 1.98 3.57
NCB 2631.0 1.32 2703.0 1.35 2.7% 8.87 1.37 3.84
Banque Saudi Fransi 1078.0 0.89 1104.0 0.92 2.4% 9.20 1.04 3.89
Riyad Bank 1174.0 0.39 1047.0 0.35 -10.8% 9.66 0.83 6.28
Saudi British Bank 1142.0 0.76 1036.0 0.69 -9.3% 9.14 1.08 3.03
Alawwal Bank 511.5 0.45 324.0 0.28 -36.7% 14.57 0.98 0.00
Samba Financial 1260.2 0.63 1231.4 0.62 -2.3% 8.81 1.00 4.33
Arab National Bank 749.2 0.75 768.0 0.77 2.5% 6.96 0.85 4.50
AlBilad Bank 174.5 0.29 229.4 0.38 31.5% 12.83 1.51 2.71Saudi Investment Bank 210.0 0.28 344.9 0.46 64.2% 8.02 0.69 3.67
Bank AlJazira 381.0 0.73 216.0 0.42 -43.3% 8.61 0.73 3.29
Total 11719.7 0.70 11645.7 0.69 -0.6% 9.91 1.20 3.54Source: Tadawul website, AlJazira Capital
Banks Sector
Banks Sector
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
4500
4750
5000
5250
-30%-23%-16%
-9%-2%5%
12%19%
ALIN
MA
BAN
K
AL R
AJH
I BAN
K
NAT
ION
AL C
OM
M
BAN
QU
E SA
UD
I FR
RIY
AD B
ANK
SAU
DI B
RIT
ISH
BK
ALAW
WAL
BAN
K
SAM
BA
ARAB
NAT
L BA
NK
BAN
K AL
BILA
D
SAU
DI I
NVE
STM
ENT
BAN
K AL
JAZI
RA
% YTD 2017 Banks Sector
-2.2% YTD
14
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
© All rights reserved
The net earnings of Saudi Arabia’s Diversified Financials sector recorded a net profit of SAR
153.2mn in 1Q2017 compared to SAR 60.2mn in 1Q2016. The sector’s EPS stood at SAR 0.04
per share in 1Q2017.
Company Name
1Q2016 1Q2017
YoY Change%Net Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X)
D/Y (%)*
Saudi Adv. Ind. Co. -3.8 -0.08 3.4 0.07 - 35.74 0.84 0.00AlBaha 0.0 0.00 0.0 0.00 0.0% - - 0.00Kingdom Holding Co. 114.5 0.03 129.1 0.03 12.7% 71.42 1.33 4.85Aseer Trading Co. -50.6 -0.40 20.7 0.16 - NM 0.90 5.93Total 60.2 0.02 153.2 0.04 154.6% 70.25 1.30 2.70
Source: Tadawul, Bloomberg, AlJazira Capital
Diversified Financials Sector
Diversified Financials Sector
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
4250
4500
4750
5000
5250
SAUD
ADVA
NC
ED
AL-B
AHA
DEV
ELO
PM
KIN
GD
OM
HO
LDIN
G ASEE
RTR
ADIN
G
-25%
0%
% YTD 2017 Diversified Financials Sector
-8.9% YTD
15
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
© All rights reserved
ALLI
ANZ
SAUD
I AL
AHLI
TAKA
FUL
BUPA
ARA
BIA
SAN
AD
SABB
TAK
AFUL
TRAD
E UN
ION
AM
ANA
GUL
F G
ENER
AL
WAT
ANIY
A ME
DITE
RRAN
EAN
&M
ALAT
H
SAUD
I RE F
OR C
OOAH
LIA C
OOPE
RASA
UDI E
NAY
A AL
INM
A TO
KIO
G
ULF
UNIO
N
WAL
A'A
WEQ
AYA
FOR
MET
LIFE
AIG
ANB-40%
-30%-20%-10%
0%10%20%30%
% YTD 2017 Insurance Sector
The Insurance sector’s net profit increased 11.3% YoY to SAR 406.4mn in 1Q2017 from SAR 365.2mn in 1Q2016. The sector’s EPS stood at SAR 0.35 per share during the quarter.
Sector heavyweights, Bupa Arabia for Cooperative Insurance’s net profit (before zakat) declined 49.5% YoY to 36.7mn in 1Q2017 from SAR 72.6mn
in 1Q2016, while The Company for Cooperative Insurance (TAWUNIYA) reported a net profit of SAR 160.3mn in 1Q2017 compared to SAR 62.5mn in
1Q2016.
In terms of YoY gain in net profit, Trade Union Co-op Ins. (up 478.7% YoY), Salama Cooperative (up 467.2% YoY), and Saudi Arabian Co-op (up 462.9%
YoY), were the best performers.
Company Name
1Q2016 1Q2017
YoY Change%Net Profit
Before Zakat(SARmn)
EPS(SAR)
Net Profit Before
Zakat(SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X) D/Y (%)*
Saudi Indian Co. 36.5 1.78 3.7 0.18 -90.0% 10.75 2.32 0.00Al Sagr Co-op Ins 72.6 2.90 5.1 0.20 -93.0% 8.69 1.50 6.76Arabia Insurance Co. 3.2 0.12 5.2 0.19 60.2% 34.57 1.44 0.00Arabian Shield Co-op 7.4 0.37 20.7 1.03 178.3% 10.50 3.00 4.04Saudi Arabian Co-op 1.7 0.07 9.4 0.38 462.9% 8.96 1.75 0.00United Cooperative 19.2 0.39 34.2 0.70 77.9% 6.52 1.76 0.00Buruj Cooperative Co. 12.0 0.48 28.0 1.12 133.9% 7.83 2.30 0.00Al-Rajhi Company 8.8 0.22 34.1 0.85 289.4% 16.90 4.24 0.00Salama Cooperative 2.5 0.10 14.2 0.57 467.2% 12.74 2.11 0.00CHUBB Arabia Co. 2.2 0.22 9.1 0.91 311.7% 10.89 2.05 0.00Allied Cooperative Co. 3.8 0.19 4.9 0.25 29.6% 28.30 2.08 0.00Al Alamiya 15.7 0.39 16.5 0.41 5.1% 22.91 3.12 0.00Solidarity Saudi 3.5 0.14 10.6 0.43 206.6% 8.67 1.80 0.00Aljazira Takaful 5.7 0.16 7.3 0.21 27.3% 35.79 2.54 1.78AXA Cooperative 13.2 0.29 16.3 0.36 22.9% 23.45 2.09 0.00Tawuniya Insurance Co. 62.5 0.50 160.3 1.28 156.4% 13.54 4.60 4.10Allianz Saudi Fransi 6.8 0.34 8.8 0.44 30.5% 30.00 3.45 0.00Alahli Takaful Co. 7.7 0.46 9.4 0.56 22.4% 17.56 2.75 1.35Bupa Arabia 72.6 0.91 36.7 0.46 -49.5% 15.27 4.43 3.08SABB Takaful 3.8 0.11 2.1 0.06 -43.8% 89.25 2.51 0.00Trade Union Co-op 1.4 0.05 8.1 0.29 478.7% 9.63 1.61 0.00Amana Cooperative 8.2 0.59 -4.6 -0.33 - 24.82 2.21 0.00Gulf General Co-op -3.9 -0.20 -0.3 -0.02 91.8% 13.48 1.68 0.00Wataniya Insurance 6.3 0.32 15.7 0.79 148.6% 12.02 2.88 0.00The Mediterranean and Gulf Insurance Co. 13.8 0.14 -93.0 -0.93 - NM 2.08 0.00Malath Co-op Ins 2.9 0.24 8.9 0.74 209.8% NM 2.65 0.00Saudi Re Co. -17.7 -0.18 7.5 0.07 - 17.73 0.95 0.00Al-Ahlia Insurance Co. -8.3 -0.52 0.7 0.04 - NM 1.86 0.00Saudi Enaya -9.6 -0.48 -6.6 -0.33 31.5% NM 1.95 0.00Alinma Tokio Marine -7.4 -0.25 1.5 0.05 - NM 2.81 0.00Gulf Union Co-op Ins 1.4 0.06 6.6 0.30 363.4% 8.97 1.77 0.00Saudi United Co. 20.4 0.51 32.2 0.81 57.9% 8.92 2.47 0.00MetLife AIG ANB Co. -3.7 -0.11 -6.9 -0.20 -86.7% NM 3.27 0.00Total 365.2 0.31 406.4 0.35 11.3% 13.93 3.02 0.64
Source: Tadawul, Bloomberg, AlJazira Capital
Insurance Sector
Insurance Sector
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
4750
5000
5250
5500
WAF
A AL
SAG
R CO
-
ARAB
IA
ARAB
IAN
SHIE
LDSA
UDI A
RABI
AN
UNIT
ED C
O-
BURU
J AL
RAJ
HI
SALA
MA
ACE
ARAB
IA
ALLI
ED
AL A
LAM
IYA
SOLI
DARI
TY
ALJA
ZIRA
AX
A CO
FOR
-30%-20%-10%
0%10%20%30%40%50%
% YTD 2017 Insurance Sector
-0.4% YTD
16
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
© All rights reserved
Net earnings of Saudi Arabia’s Telecommunication Services sector surged 13.4% YoY to SAR
2387.0mn in 1Q2017 from SAR 2104.4mn in 1Q2016. The sector’s EPS stood at SAR 0.70 per
share. Saudi Mobile Telecomunication Co. recorded net income of SAR 45.0mn during 1Q2017.
Company Name
1Q2016 1Q2017
YoY Change%Net
Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X) D/Y(%)*
Saudi Telecom 2397.0 1.20 2527.0 1.26 5.4% 16.10 2.31 5.72Mobile Telecomm Co. -250.0 -0.43 45.0 0.08 - NM 1.09 0.00Etihad Atheeb Telecom* -62.6 -0.99 -22.0 -0.35 64.8% NM 1.68 0.00Etihad Etisalat Co 20.0 0.03 -163.0 -0.21 - 1.65 0.00Total 2104.4 0.62 2387.0 0.70 13.4% 16.10 2.05 1.43
Source: Tadawul, Bloomberg, AlJazira Capital*4Q Ending March 2017
Telecommunication Sector
SAUD
I TEL
ECO
M
MO
BILE
TE
LEC
OM
MU
ETIH
AD A
THEE
B
ETIH
AD E
TISA
LAT
-15%-10%
-5%0%5%
10%15%20%25%30%
% YTD 2017 Telecommunication Sector
Telecommunication Services Sector
5- Ja
n13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
4200
4450
4700
4950
5200
-3.8% YTD
Saudi Arabia’s Utilities sector recorded net income of SAR 5.0bn in 1Q2017 compared to loss of
SAR 747.7mn. The sector’s EPS stood at SAR 1.18 per share.
Company Name
1Q2016 1Q2017YoY
Change%Net Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X) D/Y (%)*
National Gas & Industrialization Co. 50.3 0.67 65.0 0.87 29.3% 15.12 2.09 4.01
Saudi Electricity Co. -798.0 -0.19 4936.0 1.18 - 11.57 1.38 2.99Total -747.7 -0.18 5001.0 1.18 - 11.637 2.05 3.50
Source: Tadawul website, AlJazira Capital،
Utilities Sector
Utilities Sector
4250
4450
4650
4850
5050
5250
5450
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
0.9% YTD
NATIONAL GAS & I
SAUDI ELECTRICIT
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
% YTD 2017 Utilities Sector
17
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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017
© All rights reserved
The net profit of Saudi Arabia’s Real Estate Mgmt & Dev’t sector increased 123.7% YoY to SAR 394.0mn in 1Q2017 from SAR 176.1mn in 1Q2016. The
sector’s EPS for the quarter was SAR 0.10 per share.
Saudi Real Estste Co.(up 111.3% YoY) and Alandalus Property Co. (up 99.4% YoY), and Jabal Omar reporting a net profit of SAR141.7mn led the increase
in the sector’s net profit during 1Q2017.
Company Name
1Q2016 1Q2017
YoY Change%Net
Profit (SARmn)
EPS(SAR)
Net Profit (SARmn)
EPS(SAR)
P/E TTM (x)
P/Bv (X) D/Y (%)*
Arriyadh Development 54.1 0.41 43.4 0.33 -19.8% 10.76 1.39 6.28
Emaar -14.0 -0.02 -19.0 -0.02 -35.7% 121.83 1.68 0.00
Taiba Holding Co. 54.1 0.36 56.1 0.37 3.7% 24.43 1.62 3.62
Alandalus Property Co. 24.8 0.35 49.5 0.71 99.4% 11.84 1.57 2.36
Dar Alarkan 57.9 0.05 12.1 0.01 -79.0% 33.69 0.37 0.00
Saudi Real Estate Co. 25.6 0.21 54.0 0.45 111.3% 21.48 0.72 4.70
Makkah Construction* 68.9 0.42 54.4 0.33 -20.9% 57.61 1.98 2.40
Jabal Omar* -119.5 -0.13 141.7 0.15 - 74.72 6.13 0.00Red Sea Housing 31.8 0.53 8.7 0.15 -72.6% 22.35 1.53 3.12Knowledge Economic -7.5 -0.02 -6.9 -0.02 7.8% 368.02 1.85 0.00Total 176.1 0.05 394.0 0.10 123.7% 52.73 2.03 2.25
Source: Tadawul, Bloomberg, AlJazira Capital, * Hijri Calender
Real Estate Mgmt & Dev’t Sector
ARRI
YADH
DEV
.
EMAA
R
TAIB
A H
OLD
ING
ALAN
DALU
S
DAR
AL A
RKAN
SAUD
I REA
L EST
ATE
MAK
KAH
CONS
TRUC
T
JABA
L O
MAR
RED
SEA
HOUS
ING
KNO
WLE
DGE
-20%
-40%
0%
20%% YTD 2017 Real Estate Mgmt & Dev’t Sector
-4.1% YTD
Real Estate Mgmt & Dev't Sector
5- J
an13
- Jan
21- J
an29
- Jan
6- F
eb14
- Feb
22- F
eb2-
Mar
10- M
ar18
- Mar
26- M
ar3-
Apr
11- A
pr19
- Apr
27- A
pr5-
May
13- M
ay21
- May
4600
4750
4900
5050
Asset Management | Brokerage | Corporate Finance | Custody | Advisory
Head Office: King Fahad Road, P.O. Box: 20438, Riyadh 11455, Saudi Arabia، Tel: 011 2256000 - Fax: 011 2256068
Aljazira Capital is a Saudi Investment Company licensed by the Capital Market Authority (CMA), license No. 07076-37
RESE
ARC
H D
IVIS
ION
RESE
ARC
H
DIV
ISIO
NRA
TIN
GTE
RMIN
OLO
GY
BRO
KERA
GE A
ND IN
VEST
MEN
T CE
NTER
S DI
VISI
ON
Disclaimer
AlJazira Capital, the investment arm of Bank AlJazira, is a Shariaa Compliant Saudi Closed Joint Stock company and operating under the regulatory supervision of the Capital Market Authority. AlJazira Capital is licensed to conduct securities business in all securities business as authorized by CMA, including dealing, managing, arranging, advisory, and custody. AlJazira Capital is the continuation of a long success story in the Saudi Tadawul market, having occupied the market leadership position for several years. With an objective to maintain its market leadership position, AlJazira Capital is expanding its brokerage capabilities to offer further value-added services, brokerage across MENA and International markets, as well as offering a full suite of securities business.
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2. Underweight: This rating implies that the stock is currently trading at a premium to its 12 months price target. Stocks rated “Underweight” would typically decline by over 10% from the current price levels over next twelve months.
3. Neutral: The rating implies that the stock is trading in the proximate range of its 12 months price target. Stocks rated “Neutral” is expected to stagnate within +/- 10% range from the current price levels over next twelve months.
4. Suspension of rating or rating on hold (SR/RH): This basically implies suspension of a rating pending further analysis of a material change in the fundamentals of the company.
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Talha Nazar +966 11 [email protected]
AnalystSultan Al Kadi, CAIA+966 11 [email protected]
Analyst
Jassim Al-Jubran +966 11 [email protected]
Analyst
Waleed Al-jubayr+966 11 [email protected]
Analyst
Muhanad Al-Odan+966 11 [email protected]
General Manager – Brokerage Services &
sales
Alaa Al-Yousef+966 11 [email protected]
AGM-Head of international and institutional
brokerage
Luay Jawad Al-Motawa +966 11 [email protected]
AGM- Head of Western and Southern Region Investment
Centers
Mansour Hamad Al-shuaibi +966 12 [email protected]
AGM-Head of Sales And Investment Centers
Central Region
Sultan Ibrahim AL-Mutawa +966 11 [email protected]
AGM-Head of Qassim & Eastern Province
Abdullah Al-Rahit +966 16 3617547 [email protected]