The average profits of Tadawul-listed petrochemical companies are projected to drop 30 percent in the second quarter, compared with the same period last year, according to analysts’ projections.

 

The overall outlook for the sector is bearish as all companies are expected to post lower profit, except Saudi Kayan. Kayan, however, posted losses during the same quarter last year.

 

Q2-2015 Estimates vs Q2-2014 Actual

Difference (%)

Q2-2015 E

Q2-2014 A

Number of

analysts

Company

(50%)

8

15.9

1

Chemanol

(7%)

184

197.0

4

Petrochem

(28%)

4670

6456.5

9

Sabic

(9%)

579

639.0

8

SAFCO

(63%)

153

408.3

6

Tasnee

(11%)

187

210.1

4

SIIG

(83%)

31

185.0

6

Sahara Petrochemical

(61%)

240

613.0

8

Yansab

(46%)

132

244.6

5

Sipchem

+2%

188

184.6

7

Advanced

+105%

7

(133.1)

4

Kayan

(70%)

52

172.0

1

Petro Rabigh

(30%)

6431.0

9237.0

 

Total
 

Analysts, however, expect second quarter profits to rise 46 percent in comparison to Q1-2015.

 

While forecasts for most companies are positive, analysts were negative about SAFCO (Saudi Arabian Fertilizer Company), YANSAB (Yanbu National Petrochemical Company) and Petro Rabigh.

 

 Q2-2015 Estimates vs. Q1-2015 Actual (SAR mln)

Difference (%)

Estimates

Actual

Number of

analysts

Company

+153%

8

(15.0)

1

Chemanol

+81%

184

101.8

4

Petrochem

+19%

4670

3930.0

9

SABIC

(2%)

579

590.0

8

SAFCO

+146%

153

(332.5)

6

Tasnee

+49%

187

125.7

4

SIIG

+163%

31

(49.5)

6

Sahara Petrochemical

(16%)

240

285.1

8

Yansab

+64%

132

80.6

5

Sipchem

+110%

188

89.6

7

Advanced

+101%

7

(591.6)

4

Kayan

(75%)

52

205.4

1

Petro Rabigh

+46%

6431.0

4419.6

 

Total

 

Among research firms, Riyad Capital has covered the most number of companies, putting out forecasts for 11 petrochemical firms, while Albilad Capital and KASB Securities have covered only three each.

 

Breakdown of Forecasts – Q2-2015

Average forecasts

Bakheet

Albilad Capital

Alistithmar Capital

Saudi Fransi Capital

KSB Capital

NCB Capital

Aljazira Capital

Riyad Capital

 

Al Rajhi Capital

Company

8

-

-

-

8

-

-

-

-

 

-

Chemanol

184

-

-

-

160

-

219

195

163

 

ـ

Petrochem

4670

4960

4452

4883

4845

3958

4784

4905

4755

 

4485

Sabic

579

674

596

522

-

648

574

559

527

 

535

SAFCO

153

298

-

-

125

-

116

129

90

 

161

Tasnee

187

145

-

-

205

-

199

-

199

 

-

SIIG

31

28

-

-

46

-

42

42

13

 

16

Sahara Petrochemical

240

-

284

399

115

450

91

167

238

 

172

Yansab

132

-

-

-

124

-

131

126

125

 

153

Sipchem

188

153

-

211

204

-

208

151

195

 

192

Advanced

7

-

-

-

100

-

(12)

(94)

35

 

-

Kayan

52

-

-

-

-

-

-

-

52

 

-

Petro Rabigh
 

Most companies have not yet announced results. Advanced Petrochemical Co, however, posted SAR 243 million, or a 29 percent growth in second quarter profit, beating estimates.

 

Q2-2015 Profit vs. Estimates

Change (%)

Actual profits

Average forecast

Higher estimate

Lower estimate

Company

+29%

243.0

188

211

151

Advanced
 

Argaam Reports

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