Combined profit of Saudi telcos expected to rise 15% in Q4

16/01/2018 Argaam Exclusive

Saudi telecom operators are expected to generate an aggregate net profit of SAR 2.2 billion in Q4 2017, up 15 percent year-on-year (YoY), but down 9 percent quarter-on-quarter (QoQ), data compiled by Argaam showed.

 

Mobile Telecommunications Co. Saudi Arabia (Zain Saudi) is forecast to turn profitable in Q4, making a net profit of SAR 10.2 million, versus net losses of SAR 134.8 million in Q4 2016.

 

Etihad Etisalat Co. (Mobily) is projected to widen net losses to SAR 166.7 million in in Q4, versus a net loss of SAR 70.7 million in Q4 2016.

 

Meanwhile, Saudi Telecom Co. (STC) is seen making net earnings of SAR 2.4 billion in Q4, rising 11.2 percent YoY.  

QOQ YOY

Analyst Estimates (Net Income)

Company No. of Analysts 2016 - Q4 (a) 2017 - Q4 (e) Difference
STC 8 2,083.16 2,392.15 14.8 %
ETIHAD ETISALAT 6 (70.22) (166.72) (137.4 %)
ZAIN KSA 5 (134.13) 10.24 107.6 %
Total 8 1,878.80 2235.67 19.0 %

Among Saudi research firms, NCB Capital, Aljazira Capital, Al Rajhi Capital, Riyad Capital and Albilad Capital issued profit forecasts for the whole sector, while Alistithmar Capital and KASB Capital issued forecasts for STC only.

Estimates per Analyst

Riyad Capital Al Rajhi Capital AlJazira Capital Albilad Capital SNB Capital Sico Alistithmar Capital Value Capital Average
STC 2,404.00 2,353.00 2,423.20 2,325.00 2,520.00 2,229.00 2,431.50 2,451.50 2,392.15
ETIHAD ETISALAT (161.00) (163.00) (151.30) (166.00) (177.00) (182.00) - - (166.72)
ZAIN KSA 2.00 16.00 10.20 15.00 8.00 - - - 10.24

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