Saudi petchem sector’s Q1 profit came 2% below estimates

The aggregate net profit of Saudi petrochemical companies came in at SAR 7.2 billion in Q1 2017, missing average forecasts of SAR 7.3 billion by 1.5 percent, data compiled by Argaam showed.

Sector heavyweight Saudi Basic Industries Corp.’s (SABIC) Q1 net profit of SAR 5.23 billion beat expectations of SAR 5.22 billion by 0.3 percent.

Saudi Kayan Petrochemical Co. (Saudi Kayan) and Sahara Petrochemicals Company (Sahara) topped estimates by 108 percent and 40 percent respectively.

Meanwhile, Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported the biggest profit miss among the remaining companies. The firm posted net losses of SAR 240 million in Q1 2017, missing consensus forecasts of a net profit of SAR 84 million by 385.7 percent.

Alujain Corp. fell short of estimates by 40.5 percent, after posting a net profit of SAR 28.9 million, against consensus estimates of SAR 48.50 million.

National Industrialization Co. (Tasnee) missed the average forecast of SAR 145.63 million by 29.1 percent. 

The forecasts were issued by nine Saudi brokerage firms, including Aljazira Capital, Albilad Capital, NCB Capital and Osool & Bakheet Investment Co.