Saudi selected growth companies miss forecasts by 14%

Saudi Arabia’s growth companies, selected by Argaam, posted SAR 2.073 billion for fourth quarter 2014’s net profit combined, missing forecasts of SAR 2.411 billion by 14 percent.

Only three companies reported higher-than-expected figures, according to Q4-2014 financial statements.

Jarir Marketing’s Q4 earnings exceeded forecasts by 8 percent, Saudi Airlines Catering by 11 percent, and Al Othaim Markets by 1 percent.

Meanwhile, United Electronics Co. (eXtra) was way below forecasts. It generated SAR 8 million profits for Q4, missing forecasts of SAR 29 million by 72 percent.

The below tables indicates the each company’s realized figures versus consensus estimates for Q4-2014 earnings.

Six Saudi-based research agencies issued Q4-2014 forecasts for the selected growth companies. The results of four companies came in line with Al Rajhi Capital’s estimates, while one company’s reports matched forecasts of Alistithmar Capital, Bakheet Group, and NCB Capital. The below table provides a comparison between each company’s realized earnings and each agency’s forecasts.