Saudi Listed Companies` Quarterly Results

Transcription

1 Summary The report reviews the Saudi listed companies results (3-month & 9-month period) of the third quarter of 2013 compared to the same period of the last year. Listed Companies Recorded an Aggregate Net Income of SR 30 Billion in the Third Quarter of the Year The aggregate 3-month net income ending Q3 of the Saudi listed companies increased by 11.4% YoY reaching SR 30 billion from SR 27 billion while the 9-month aggregate net income increased by 1.7% YoY from SR 76.8 billion. Telecommunication sector s aggregate net income increased by 59% YoY. That led the sector to increase its contribution to 15% of the total market aggregate net income. Petrochemicals, banks and telecomm sectors kept the highest 3- month earnings. Insurance sector recorded a negative net income due to the increase of claims incurred by more than 30% mostly from vehicles and health segments. For more information, you may contact: Turki Fadaak Research & Advisory Manager tfadaak@albilad-capital.com Or Albilad Capital Head Office: Tel.: Fax: P.O. Box : 140 Riyadh: Quarterly Development of Aggregate Net Income (billion SR) Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 1

2 Saudi Market Results The Aggregate 3-month earnings of the Saudi listed companies increased by 11.4% YoY to SR 30 billion from SR 27 billion. The 9-month earnings increased by 1.7% YoY to SR 78.1 billion from SR 76.8 billion. 9 sectors recorded an increase in their aggregate 3-month profits while 6 sectors recorded a decline. The 3-month EPS reached SR 0.70 while the 9-month EPS reached SR Sector YoY% YoY% 3MT EPS 9MT EPS Banks & Financial Services 6, , % 21, , % Petrochemical Industries 9, ,964.8 (1.3%) 26, ,965.1 (4.4%) Cement 1, ,078.2 (5.5%) 4, , % Retail % 1, , % Energy & Utilities 2, ,890.0 (0.5%) 3, , % Agriculture & Food Industries 1, , % 2, , % Telecommunication 2, , % 9, , % Insurance (89.7%) (36.4) (105.8%) 0.04 (0.04) Multi-Investment % % Industrial Investment , % 1, , % Building & Construction % % Real Estate Development (13.0%) 1, ,230.2 (32.5%) Transport % % Media & Publishing (91.4%) (62.0%) Hotel & Tourism % % Total 27,017 30, % 76,798 78, % Sectors Earnings Contribution Petrochemicals sector 3-month earnings contribution decreased to 29.8% from 33.6% in the same period of the last year. While telecommunication sector 3-month earnings contribution increased to 15.3% from 10.7% in the same period of the last year. TASI Q3 Earnings Contribution Change TASI Market cap. Constituents Banks & Financial Services 25.0% 24.6% (0.4%) 22.2% Petrochemical Industries 33.6% 29.8% (3.8%) 30.7% Cement 4.2% 3.6% (0.6%) 5.6% Retail 2.3% 2.3% 0.0% 3.0% Energy & Utilities 10.7% 9.6% (1.1%) 3.6% Agriculture & Food Industries 4.5% 4.2% (0.3%) 5.5% Telecommunication 10.7% 15.3% 4.6% 10.8% Insurance 1.5% 0.1% (1.3%) 2.0% Multi-Investment 0.9% 0.9% (0.0%) 5.3% Industrial Investment 2.5% 5.7% 3.3% 3.0% Building & Construction 0.8% 0.9% 0.1% 1.4% Real Estate Development 1.9% 1.5% (0.4%) 4.9% Transport 0.4% 0.6% 0.2% 0.8% Media & Publishing 0.2% 0.0% (0.2%) 0.3% Hotel & Tourism 0.9% 0.8% (0.1%) 1.0% 2

3 Banks and Financial Services The composite 3-month earnings increased by 9.7% YoY to SR 7.4 billion, from SR 6.8 billion in the third quarter of While the 9-month earnings increased by 5% YoY to SR 23 billion from SR 22 billion. Sector quarterly 9MT EPS stood at SR Al Rajhi Bank maintained the highest EPS of SR 3.93, while Al Inma Bank recorded the lowest EPS of SR Riyadh Bank % 2, , % Bank Aljazira % % Saudi Investment Bank % % Saudi Hollandi Bank % , % Bank Saudi Fransi % 2, ,132.0 (3.4%) Saudi British Bank % 2, , % Arab National Bank % 1, , % SAMBA Financial group 1, , % 3, , % Al Rajhi Bank 1, ,717.0 (8.1%) 5, ,891.0 (1.4%) Bank AL Bilad % (34.3%) Alinma Bank % % Total 6, , % 21, , % Petrochemical Industries The sector aggregate 3-month net income decreased by 1.3% YoY to SR 8.96 billion, from SR 9.08 billion compared to the same period of last year. The 9-month net income decreased by 4.4% YoY to SR billion from SR billion. The Sector 9 months EPS stood at SR SAFCO earned the highest EPS of SR 7.07, while Petro Rabigh reaped losses per share of SR Net Text Income (million SR) 3Month Ending Q3 9Month Ending Q3 CHEMANOL (12.5%) (52.6%) Petrochem (0.1) (150.2) % (57.5) (140.7) 144.7% (0.31) (0.29) SABIC 6, , % 18, , % SAFCO 1, (36.1%) 2, ,358.0 (13.3%) National Industrialization (45.7%) 1, (41.9%) Alujain % % Nama Chemicals (13.2) (12.0) (9.1%) (26.8) (27.9) 4.1% (0.09) (0.22) Saudi Group % (1.3%) Sahara Petrochemical % % YANSAB % 1, , % Sipchem % (4.5%) Advanced Petrochemical % % Saudi Kayan (178.4) 43.3 (124.3%) (577.8) (349.8) (39.5%) 0.03 (0.23) Petro Rabigh (96.6%) (880.7) (309.3%) 0.02 (1.01) Total 9, ,964.8 (1.3%) 26, ,965.1 (4.4%)

4 Cement In the third quarter, the cement sector 3-month net income decreased by 5.5% YoY to SR 1.08 billion, from SR 1.14 billion in the corresponding period of The 9-month earnings increased by 8% YoY to SR 4.72 billion from SR 4.37 billion. The Sector 6 month EPS paced to SR Saudi Cement showed the highest EPS of SR 5.73, while Hail Cement recorded the lowest EPS of SR Text Hail Cement (3.4) 16.9 (599.9%) (18.3) 21.5 (217.5%) Najran Cement (26.6%) % City Cement % (14.7%) Northern Cement % % Arab Cement (80.7%) (2.1%) Yamamah Cement (5.7%) % Saudi Cement % % Qassim Cement % % Southern Cement (6.5%) % Yanbu Cement (10.8%) % Eastern Cement (19.0%) (12.4%) Tabuk Cement (20.7%) (2.5%) Jouf Cement (66.5%) (43.5%) Total 1, ,078.2 (5.5%) 4, , % Retail The sector 3-month net income increased by 12% YoY to SR 687 million, from SR 612 million compared to the same period in The 9-month earnings increased by 12.5% YoY to SR 1.7 billion from SR 1.5 billion. In the third quarter, retail listed companies showed EPS of SR Jarir EPS contribution was the highest of SR 8.22 while SASCO trailed the sector by EPS of SR Company Text YoY% YoY% 3MT EPS 9MT EPS A.Othaim Market % % Mouwasat % % Extra % % Dallah Health (8.8%) (14.0%) Care (12.6%) (9.8%) SASCO % (22.1%) Thim'ar % % Fitaihi Group (19.1%) % Jarir % % Aldrees % % AlHokair* % % Alkhaleej Trng % % Total % 1, , % * Second quarter ending 30 September 4

5 Energy and Utilities The sector 3-month profit in 2013 decreased by 0.5% YoY to SR 2.89 billion, from SR 2.9 billion for the same period of The 9-month profit increased by 1.6% YoY to SR 3.8 billion from SR 3.75 billion. The sector posted SR 0.90 EPS. Gas & Industrialization led the sector with the highest EPS of SR 1.48 while SEC earned SR 0.89 per share. Company Text YoY% YoY% 3MT EPS 9MT EPS Gas & Industrialization % % Saudi Electricity 2, ,853.0 (0.8%) 3, , % Total 2, ,890.0 (0.5%) 3, , % Agriculture and Food industries Total 3-month net income in the third quarter of 2013 increased by 4.9% YoY to SR 1.27 billion, from SR 1.21 billion for the same period last year. The 9-month net income increased by 14% YoY to SR 3.25 billion from SR 2.85 billion. Sector 9MT EPS amounted to SR Saudi Airlines Catering made the highest EPS of SR 5.39 while Anaam Holding posted losses per share of 1.07 Company Text YoY% YoY% 3MT EPS 9MT EPS SAVOLA Group % , % Food Products (37.5%) (12.5%) SADAFCO* % % Almarai % 1, , % Anaam Holding 7.0 (7.5) (206.9%) 9.1 (21.0) (331.0%) (0.38) (1.07) Halwani Bros (17.9%) % Herfy Foods % % Saudi Airlines Catering (0.6%) % NADEC % % Qassim Agriculture (2.3) (2.9) 26.9% 4.8 (6.0) (225.0%) (0.06) (0.12) Tabuk Agriculture (87.7%) (73.3%) Saudi Fisheries (10.1) (9.3) (7.7%) (25.7) (32.6) 26.7% (0.17) (0.61) Sharqiya Dev Co (1.9) (1.5) (18.1%) (1.7) (4.6) 170.6% (0.20) (0.61) Jouff Agriculture (1.3%) % Bishah Agriculture** (0.2) (0.1) (55.1%) (0.5) (0.3) (40.0%) (0.02) (0.06) Jazan Development (9.7) (5.2) (45.9%) (20.1) (849.8%) (0.10) 3.01 Total 1, , % 2, , % * Second quarter ending 30 September ** Suspended from trading. 5

6 Telecommunication and Information Technology In the third quarter of 2012 total 3-month net income decreased by 59% YoY to SR 4.6 billion, from SR 2.89 billion for the same quarter of The 9-month earnings inceased by 1.9% YoY to SR 9.7 billion from SR 9.5 billion. The 9M EPS reached SR Etihad Etisalat showed the highest EPS of SR 6.02 while ZAIN KSA posted SR 1.10 of losses per share. STC 1, , % 6, ,364.0 (7.5%) Etihad Etisalat 1, , % 4, , % ZAIN KSA (493.0) (421.0) (14.6%) (1,307.0) (1,189.0) (9.0%) (0.39) (1.10) Atheeb Telecom* (78.9) (42.8) (45.7%) (158.3) (110.4) (30.3%) (0.27) (0.70) Almutakamela ** (34.8) Total 2, , % 9, , % * Second quarter ending 30 September ** Suspended from trading. 6

7 Insurance Sector Total quarterly 3-month net Income (before Zakat)reached SR 40.5 million, from SR 392 million in the third quarter of The 9-month net losses reached SR 36.4 million from net income of SR 632 million. In 9 months, the sector posted losses per share of SR Sagr Insurance posted the highest EPS of SR 1.83 while AICC recorded losses per share of SR Company Text YoY% YoY% 3MT EPS 9MT EPS Tawuniya (88.4%) (30.8) (110.4%) 0.23 (0.31) Malath Insurance 8.1 (5.3) (166.1%) 37.1 (23.2) (162.5%) (0.18) (0.77) MEDGULF (88.3%) (24.9%) ALLIANZ SF % % SALAMA 0.7 (6.5) (1072.7%) (4.9) (17.0) 246.9% (0.65) (1.70) Walaa Insurance % % Arabian Shield (72.9%) (47.1%) SABB Takaful % % SANAD (1.9) (4.5) 134.8% (8.6) (12.2) 41.6% (0.23) (0.61) SAICO 7.3 (9.8) (233.5%) 14.1 (17.3) (222.7%) (0.98) (1.73) WAFA Insurance 1.6 (2.2) (234.0%) (5.9) (0.1) (98.7%) (0.22) (0.01) Gulf Union % (1.7) (7.7) 352.9% 0.29 (0.35) ATC % % Al-Ahlia 5.2 (0.0) (100.7%) (88.3%) (0.00) 0.08 ACIG (8.8) 3.8 (143.1%) (14.7) 7.7 (152.4%) AICC (4.0) (20.3) 413.8% 6.3 (88.5) (1504.8%) (1.02) (4.43) Trade Union % % Sagr Insurance % % U C A (90.7%) (18.3%) Saudi Re 14.8 (23.0) (255.5%) 25.3 (9.4) (137.2%) (0.23) (0.09) Bupa Arabia (7.4%) (36.1%) Weqaya Takaful (85.5%) (56.2%) Al Rajhi Takaful % (1.3) (10.4) 700.0% 0.37 (0.52) ACE (99.8%) (51.0%) AXA-Cooperative % % Gulf General 15.3 (0.0) (100.1%) (94.5%) (0.00) 0.04 Buruj (1.2) 0.7 (155.0%) (3.3) 5.4 (263.6%) Al Alamiya 0.7 (7.4) (1171.2%) 2.9 (12.9) (538.1%) (0.37) (0.64) Solidarity (8.7) (10.7) 23.1% (13.1) (9.0) (31.3%) (0.19) (0.16) Wataniya (93.3%) 8.5 (5.2) (161.2%) 0.04 (0.52) AMANA Insurance (7.6) (9.8) 28.0% (21.0) (21.7) 3.3% (0.31) (0.68) Enaya - (12.2) - - (33.3) - (0.30) (0.83) Alinma Tokio M - (10.1) - - (23.9) - (0.50) (1.20) Total (89.7%) (36.4) (105.8%) 0.04 (0.04) 7

8 Multi-Investment In the third quarter, the sector 3-month bottom line paced by 8.7% YoY to SR 270 million from SR 248 million for the same period of last year. While the 9-month increased by 4.7% YoY to SR 617 million from SR 589 million. 9-month EPS stood at SR SARCO posted the highest EPS of SR 1.09 while Al Baha showed losses per share of SR Net Text Income (million SR) 3Month Ending Q3 9Month Ending Q3 SARCO % (1.8%) Saudi Advanced (4.3) 8.5 (296.3%) (33.7) 20.5 (160.8%) Al Ahsa for Dev. (1.5) 1.2 (180.6%) (15.9%) SISCO (5.7%) % Assir % % Al Baha* (1.5) (1.4) (7.4%) (4.2) (72.4) % (0.09) (4.83) Kingdom % % Total % % * Suspended from trading. Industrial Investment The total 3-month net income in the third quarter of 2013 increased by 159% YoY to SR 1,720 million from SR 665 million for the corresponding period of The 9-month net income increased by 48% YoY to SR 2.9 billion from SR 1.9 billion. The aggregate Sector EPS was SR SHAKER posted the highest EPS of SR 4.46 while AlSorayai posted the lowest EPS of SR Net Text Income (million SR) 3Month Ending Q3 9Month Ending Q3 Takween (43.2%) (14.2%) BCI (57.1%) (17.8%) MA ADEN , % , % Astra Indust % % AlSorayai Group 16.3 (6.9) (142.0%) (73.8%) (0.18) 0.30 SHAKER (46.3%) (13.9%) Pharmaceutical % % Glass % (22.3%) FIPCO % (2.0%) Maadaniyah (2.2%) % Saudi Chemical % % SPM (40.2%) (67.7%) AlAbdullatif (7.7%) % Saudi Export % % Total , % 1, , %

9 Building and Construction Quarterly 3-month results show sector net income of SR 275 million from SR 207 million in the same period of the last year. 9-month results show an increase by 165% YoY from SR 270 million to SR 715 million. sector EPS was maintained at SR Ceramic showed the highest EPS of SR 6.30 while Cables posted losses per share of SR ASLAK Text % (17.3%) MMG* (33.8) (7.9) (76.6%) (676.8) (108.5) (84.0%) (0.06) (0.87) SSP % % ALKHODARI (44.3%) (48.4%) Ceramic % % Gypsum (7.8%) (10.2%) Cables (13.7) (8.0) (41.3%) 31.7 (155.2) (589.6%) (0.11) (2.04) Saudi Industrial % (2.4%) Amiantit % (3.9%) Pipes (0.0) (4.9) % (1.4) (28.2) % (0.12) (0.71) Zamil Industrial % % AL Babtain % % SVCP (23.2%) (6.0%) MESC % (16.3%) Red Sea % % Total % % * Suspended from trading. Real Estate Development The current year 3-month quarterly net income decreased by 13% YoY to SR 451 million from SR 518 million in the third quarter of The 9-month earnings decreased by 33% YoY from SR 1.8 billion to SR 1.2 billion. The sector posted EPS of SR Arriyadh Development earned the highest EPS of SR 2.04 while KEC showed losses per share of SR 0.03 Text Real Estate (23.3%) (20.5%) Taiba % (45.6%) Makkah* (12.6%) (7.4%) Arriyadh Development % % Emaar E.C (58.6%) (70.8%) Jabal Omar** (11.8) (3.4) (71.2%) (41.8) (14.7) (64.8%) (0.00) (0.02) Dar Al Arkan (17.0%) (37.9%) Knowledge Economic City (82.3%) 0.6 (9.4) (1666.7%) 0.01 (0.03) Total (13.0%) 1, ,230.2 (32.5%) * Second quarter ending 30 Shawal ** Third quarter ending 29 Ramadan 9

10 Transport Sector The 3-month total net income in third quarter of 2013 increased by 58% YoY to SR 173 million from SR 110 million for the same period last year. The 9-month net income increased by 4.4% YoY from SR 560 million to SR 585 million For the same quarter, the sector posted 9M EPS of SR Budget Saudi showed the highest EPS of SR 3.70 while Mubarrad posted the lowest EPS of SR 0.34 Company Text YoY% YoY% 3MT EPS 9MT EPS Bahri % (1.0%) SAPTCO 16.8 (13.1) (177.9%) % (0.10) 0.35 Mubarrad % % Budget Saudi % % Total % % Media and Publishing The sector`s total 3-month net income in the third quarter of 2013 decreased by 91% to SR 3.8 million from SR 44 million for the same period last year while the 9-month net income decreased by 62% YoY to SR 36 million from SR 95 million. The Sector posted quarterly 9M EPS of SPPC showed the highest EPS of SR 0.81 while Tihama posted losses per share of SR Net Text Income (million SR) 3Month Ending Q3 9Month Ending Q3 Tihama* 2.8 (11.7) (517.9%) 4.5 (25.5) (666.7%) (0.78) (1.70) SRMG (94.8%) (74.4%) SPPC (28.0%) % Total (91.4%) (62.0%) * Second quarter ending 30 September Hotel and Tourism In the third quarter of 2013, The sector`s 3-month net income increased by 2.2% YoY to SR 244 million from SR 238 million. The 9-month net income increased by 10% from SR 770 million to SR 850 million. 9M EPS stood at SR ALTAYYAR showed the highest EPS of SR 6.13 while Shams posted the lowest EPS of SR Text ALTAYYAR % % Hotels (24.2%) (37.0%) Shams % % Total % %

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