Saudi petrochemical producers have reported a combined net profit of SAR 8.39 billion in Q2-2015, which exceeded consensus forecast of SAR 6.43 billion by 30 percent, market data compiled by Argaam showed.
Rabigh Refining and Petrochemical Co. (Petro Rabigh) led the sector as it reported a second-quarter net profit (SAR 504.9 million), which was 871 percent above analyst expectations. Saudi Basic Industries Corp. (SABIC) beat the average estimate by 32 percent.
Meanwhile, Saudi Kayan Petrochemical Co., The National Industrialization Co. (Tasnee), and Methanol Chemicals Co. (Chemanol) saw their results fall below forecasts, as the three companies incurred net losses during the period.
|
Q2-2015 Net Profit/ Estimates (SAR mln) |
|||
|
Difference |
Estimate |
Net profit |
Company |
|
(368%) |
8.0 |
(21.4) |
Chemanol |
|
+66% |
184.0 |
305.4 |
Petrochem |
|
+32% |
4670.0 |
6170.0 |
SABIC |
|
+3% |
579.0 |
595.8 |
SAFCO |
|
(170%) |
153.0 |
(107.7) |
Tasnee |
|
+81% |
187.0 |
339.1 |
SIIG |
|
(63%) |
31.0 |
11.4 |
Sahara Petrochemical |
|
(5%) |
240.0 |
227.4 |
Yansab |
|
(17%) |
132.0 |
110.1 |
Sipchem |
|
+29% |
188.0 |
243.2 |
Advanced Petrochemical |
|
(291%) |
7.0 |
(13.4) |
Saudi Kayan |
|
+871% |
52.0 |
504.9 |
Petro Rabigh |
|
+30% |
6,431.0 |
8,386.2 |
Total |
Among Saudi research firms, Alistithmar Capital, Riyad Capital, Albilad Capital, Aljazira Capital, Bakheet Investment Group, NCB Capital, KSB Capital, Alrajhi Capital, and Saudi Fransi Capital released recommendations for the petrochemical firms.
|
Saudi Research Firms’ Nearest Estimates (SAR mln) |
||||
|
Research Firm |
Difference |
Nearest estimate |
Net profit (SAR mln) |
Company |
|
-- |
-- |
-- |
(21.4) |
Chemanol |
|
NCB Capital |
(28%) |
219.0 |
305.4 |
Petrochem |
|
Bakheet |
(24%) |
4960.0 |
6170.0 |
SABIC |
|
Al-Bilad Investment |
-- |
596.0 |
595.8 |
SAFCO |
|
-- |
-- |
-- |
(107.7) |
Tasnee |
|
Saudi Fransi Capital |
(40%) |
205.0 |
339.1 |
SIIG |
|
Riyad Capital |
+14% |
13.0 |
11.4 |
Sahara Petrochemical |
|
Riyad Capital |
+5% |
238.0 |
227.4 |
Yansab |
|
Saudi Fransi Capital |
+13% |
124.0 |
110.1 |
Sipchem |
|
Alistithmar Capital |
(13%) |
211.0 |
243.2 |
Advanced Petrochemical |
|
NCB Capital |
-- |
(12.0) |
(13.4) |
Saudi Kayan |
|
-- |
-- |
-- |
504.9 |
Petro Rabigh |
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