Saudi petchems miss profit estimates by 62% in Q4

The aggregate net profit of all Tadawul-listed petrochemical firms—except for Alujain Corporation and Nama Chemicals Co.—of SAR 1.8 billion was 62 percent below average analysts' estimates of SAR 4.8 billion, according to data compiled by Argaam.

Major petrochemical producer Saudi Basic Industries Corp (SABIC) weighed on the sector’s performance, as its Q4 net profit of SAR 1.01 billion was 26 percent below average estimates.

Saudi Kayan Petrochemical Co., which posted a net loss of SAR 624 in the fourth quarter, missed forecasts of SAR 12 million by 5,301 percent.

Sahara Petrochemical followed, falling short of forecasts by 156 percent after posting SAR 48 million loss against expectations of SAR 85 million net profit.

National Industrialization Co. (Tasnee) reported higher-than-expected losses of SAR 690 million for Q4, missing forecasts by 303 percent.   

Methanol Chemicals Co. (Chemanol) and Rabigh Refining and Petrochemical Co. (Petro Rabigh) also missed estimates by 54 percent and 50 percent, widening their losses to SAR 60 million and SAR 1.01 billion, respectively.

Meanwhile, Yanbu National Petrochemical Co. (Yansab) beat analysts' expectations by 57 percent with a net profit of SAR 393 million.