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Saudi petchem sector’s Q2 2019 profit misses estimates by 25%
The aggregate net profit of Saudi petrochemical producers hit SAR 3.63 billion in Q2 2019, missing average forecasts of SAR 4.84 billion by 25 percent, data compiled by Argaam showed.
Saudi Basic Industries Corp.’s (SABIC) Q2 net profit of SAR 2.1 billion came in 37 percent below estimates of SAR 3.4 billion.
Net earnings of Yanbu National Petrochemical Co. (Yansab) missed analysts’ expectations by 21 percent.
Saudi Arabian Fertilizer Co. (SAFCO) reported an 8 percent profit miss.
Meanwhile, four petrochemical firms topped analysts’ forecasts, with National Industrialization Co. (Tasnee) recording the largest profit beat at 118 percent to SAR 296.7 million in Q2 2019.
Saudi Industrial Investment Group (SIIG) topped the average forecast of SAR 170 million by 20.7 percent.
Saudi Kayan Petrochemical Co. posted net losses of SAR 273 million in Q2 2019, compared to average estimates of SAR 220.7 million.
Company Estimates Comparisons
| Company | 2019 - Q2 (a) | 2019 - Q2 (e) | Change |
| SABIC | 2,029.98 | 3,357.42 | (39.5 %) |
| SABIC AGRI-NUTRIENTS | 380.44 | 413.40 | (8.0 %) |
| YANSAB | 316.13 | 400.94 | (21.2 %) |
| ADVANCED | 192.31 | 173.90 | 10.6 % |
| SIPCHEM | 210.85 | 238.03 | (11.4 %) |
| Petrochem | 183.45 | 167.70 | 9.4 % |
| TASNEE | 212.14 | 194.47 | 9.1 % |
| SAUDI KAYAN | (273.13) | (220.73) | (23.7 %) |
| SIIG | 205.11 | 170.00 | 20.7 % |
| Total | 3457.28 | 4895.12 | (29.4 %) |
Actual Profit versus Estimates
| Company | 2019 - Q2 (a) | 2019 - Q2 (e) | Most Accurate Research Company |
| SABIC | 2,029.98 | 3,200.00 | OSOOL AND BAKHEET |
| SABIC AGRI-NUTRIENTS | 380.44 | 403.00 | Al Rajhi Capital |
| YANSAB | 316.13 | 344.00 | Riyad Capital |
| ADVANCED | 192.31 | 184.00 | Al Rajhi Capital |
| SIPCHEM | 210.85 | 225.00 | SNB Capital |
| Petrochem | 183.45 | 180.00 | SNB Capital |
| TASNEE | 212.14 | 154.00 | Al Rajhi Capital |
| SAUDI KAYAN | (273.13) | (291.20) | AlJazira Capital |
| SIIG | 205.11 | 170.00 | SNB Capital |
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MarketIndices
| TASI | 11,948.72 | (148.01) | (1.22 %) |
Company Indices
| ALUJAIN | 38.80 | (0.10) | (0.26%) |
| TASNEE | 10.24 | (0.06) | (0.58%) |
| NAMA CHEMICALS | 26.95 | (0.10) | (0.37%) |
| SABIC | 68.00 | (1.00) | (1.45%) |
| SABIC AGRI-NUTRIENTS | 110.40 | (1.80) | (1.61%) |
| Sahara Petrochemicals | 17.46 | 0.20 | 1.16% |
| SIIG | 17.00 | (0.20) | (1.16%) |
| YANSAB | 37.45 | (0.25) | (0.66%) |
| SIPCHEM | 24.84 | (0.22) | (0.88%) |
| SAUDI KAYAN | 6.84 | (0.07) | (1.01%) |
| CHEMANOL | 18.40 | 0.30 | 1.66% |
| PETRO RABIGH | 8.18 | (0.15) | (1.81%) |
| Petrochem | 45.60 | (0.60) | (1.30%) |
| ADVANCED | 32.85 | (0.45) | (1.36%) |
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