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Saudi petchem sector’s Q4 profit misses estimates by 11%
The aggregate net profit of Saudi petrochemical producers – which reached SAR 6.5 billion for Q4 2017 – came in 11 percent below the average analysts’ forecast of about SAR 7.2 billion, data compiled by Argaam showed.
Saudi Basic Industries Corp’s (SABIC) net profit of SAR 3.67 billion missed average estimates of SAR 5.44 billion by 33 percent.
The results of Saudi Arabia Fertilizers Co. (SAFCO), Advanced Petrochemical Co. (Advanced), Sahara Petrochemical Co. and Saudi Kayan Petrochemical Co. also missed estimates.
Meanwhile, the Q4 net profit of Alujain Corporation, Yanbu National Petrochemical Co. (Yansab), National Petrochemical Co. (Petrochem), Saudi International Petrochemical Co. (Sipchem), National Industrialization Co. (Tasnee) and Saudi Industrial Investment Group (SIIG) beat average estimates.
Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net profit of SAR 640.5 million for Q4 2017, compared to Riyad Capital’s projection of a SAR 96 million net loss.
Company Estimates Comparisons
| Company | 2017 - Q4 (a) | 2017 - Q4 (e) | Change |
| SABIC | 3,704.09 | 5,441.17 | (31.9 %) |
| SABIC AGRI-NUTRIENTS | 62.51 | 275.84 | (77.3 %) |
| YANSAB | 777.90 | 628.90 | 23.7 % |
| ADVANCED | 103.83 | 185.80 | (44.1 %) |
| SIPCHEM | 164.40 | 149.42 | 10.0 % |
| TASNEE | 327.71 | 190.96 | 71.6 % |
| Petrochem | 391.19 | 197.00 | 98.6 % |
| Sahara Petrochemicals | 94.83 | 140.60 | (32.6 %) |
| SIIG | 397.79 | 226.33 | 75.8 % |
| SAUDI KAYAN | (220.32) | (136.28) | (61.7 %) |
| ALUJAIN | 58.73 | 30.65 | 91.6 % |
| PETRO RABIGH | 640.54 | (96.00) | 767.2 % |
| Total | 6503.20 | 7234.38 | (10.1 %) |
Forecasts were issued by nine Saudi research firms, including NCB Capital which had the closest estimates for five companies.
Actual Profit versus Estimates
| Company | 2017 - Q4 (a) | 2017 - Q4 (e) | Most Accurate Research Company |
| SABIC | 3,704.09 | 5,169.00 | Al Rajhi Capital |
| SABIC AGRI-NUTRIENTS | 62.51 | 167.50 | AlJazira Capital |
| YANSAB | 777.90 | 677.00 | SNB Capital |
| ADVANCED | 103.83 | 149.00 | Sico |
| SIPCHEM | 164.40 | 159.00 | Al Rajhi Capital |
| TASNEE | 327.71 | 211.00 | SNB Capital |
| Petrochem | 391.19 | 206.00 | SNB Capital |
| Sahara Petrochemicals | 94.83 | 129.00 | SNB Capital |
| SIIG | 397.79 | 239.00 | SNB Capital |
| SAUDI KAYAN | (220.32) | (146.70) | AlJazira Capital |
| ALUJAIN | 58.73 | 41.40 | OSOOL AND BAKHEET |
| PETRO RABIGH | 640.54 | (96.00) | Riyad Capital |
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MarketIndices
| TASI | 11,840.52 | (27.40) | (0.23 %) |
Company Indices
| ALUJAIN | 37.30 | (0.70) | (1.86%) |
| TASNEE | 10.42 | (0.08) | (0.76%) |
| NAMA CHEMICALS | 25.75 | 0.25 | 0.97% |
| SABIC | 69.90 | (0.20) | (0.29%) |
| SABIC AGRI-NUTRIENTS | 111.60 | 1.20 | 1.08% |
| Sahara Petrochemicals | 17.46 | 0.20 | 1.16% |
| SIIG | 17.72 | (0.10) | (0.56%) |
| YANSAB | 38.00 | (0.90) | (2.32%) |
| SIPCHEM | 24.54 | (0.50) | (2.00%) |
| SAUDI KAYAN | 7.13 | (0.12) | (1.66%) |
| CHEMANOL | 18.18 | 0.00 | 0.00% |
| PETRO RABIGH | 8.43 | (0.07) | (0.83%) |
| Petrochem | 45.60 | (0.60) | (1.30%) |
| ADVANCED | 34.70 | (0.35) | (1.00%) |
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