Saudi retailers’ Q2 profit beats estimates by 16%

The aggregate net profit of the eight Tadawul-listed retailers (SAR 492.2 million) in Q2-2016 came 16.2 percent ahead of average market forecasts of SAR 423.6 million, according to data compiled by Argaam.

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

United Electronics Co.’s (eXtra) was top performer, exceeding average estimates by 168 percent. The home appliance retailer turned to a net profit of SAR 12.2 million, compared to a net loss of SAR 18 million in Q2-2015.

Fawaz Abdulaziz AlHokair Co.’s net profit was 76 percent higher than expectations.

Al-Khaleej Training and Education reported the biggest miss of 134.3 percent, swinging to a net loss of SAR 4 million in the second quarter, compared to a net profit of SAR 11.6 million in Q2-2015.

Abdullah Al Othaim Markets came second, as earnings were 19 percent lower than forecasts at SAR 50.3 million.

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