Saudi listed companies’ consolidated earnings rose 11% to SAR 25.25bn in Q1-2014 compared to SAR 22.72bn in the same period last year.
|
Consolidated earnings for Saudi Market (SAR Billion) |
|||
|
Change |
Q1-2014 |
Q1-2013 |
Item |
|
+11% |
22.72 |
25.25 |
Consolidated Earnings |
Petrochemical and Banking Sectors’ earnings represented about 69% of the market’s net profit for the period.
Petrochemicals sector profits represented 37% driven by SABIC’s net profit of SAR 6.44bn in Q1 as well as Petro-Rabigh’s profit of SAR 413.1m compared to a net loss of SAR 658.1m in the same period last year.
Banking sector contributed 32% of the market’s profit in Q1 with the rise in all bank’s earnings in Q1 except for Al-Rajhi Bank.
Telecommunications sector added 13% to the market’s earnings in Q1 with STC reporting 54% increase in net profit compared to the same period last year.
|
Consolidated Earnings for Major Sectors in Saudi Market (SAR Million) |
|||||
|
Sector’s % |
change |
Q1-2014 |
Q1-2013 |
Period |
|
|
37% |
+16% |
9316.4 |
8044.3 |
Petrochemicals |
|
|
32% |
+5% |
8055.6 |
7640.6 |
Banking |
|
|
13% |
+40% |
3405.3 |
2430.4 |
Telecommunications |
|
|
7% |
(10%) |
1644.0 |
1817.0 |
Cement |
|
The following table shows quarterly consolidated earnings for listed Saudi Companies since 2011:
|
Saudi Companies’ Consolidated Earnings since 2011 |
||
|
growth (y/y) |
Consolidated earnings (SAR Billion) |
period |
|
2011 |
||
|
+26% |
22.12 |
Q1-2011 |
|
+31% |
26.33 |
Q2-2011 |
|
+24% |
26.34 |
Q3-2011 |
|
+6% |
20.23 |
Q4-2011 |
|
2012 |
||
|
+15% |
25.52 |
Q1-2012 |
|
(7%) |
24.44 |
Q2-2012 |
|
+2% |
26.90 |
Q3-2012 |
|
(3%) |
19.55 |
Q4-2012 |
|
2013 |
||
|
(11%) |
22.72 |
Q1-2013 |
|
+4% |
25.51 |
Q2-2013 |
|
+11% |
29.99 |
Q3-2013 |
|
+26% |
24.73 |
Q4-2013 |
|
2014 |
||
|
+11% |
25.25 |
Q1-2014 |
|
Largest 10 companies in terms of Earnings Q1-2014 (SAR Million) |
|||
|
Change |
Q1-2014 |
Q1-2013 |
Period |
|
(2%) |
6441.7 |
6563.4 |
SABIC |
|
+54% |
2391.0 |
1550.0 |
STC |
|
(17%) |
1706.0 |
2052.0 |
Al-Rajhi |
|
+4% |
1400.0 |
1340.0 |
Mobily |
|
+7% |
1241.0 |
1159.0 |
SAMBA |
|
+14% |
1080.5 |
947.9 |
SABB |
|
+13% |
1079.0 |
951.0 |
RIBL |
|
+25% |
856.0 |
684.0 |
BSFR |
|
(10%) |
843.0 |
932.0 |
SAFCO |
|
+5% |
712.9 |
678.7 |
Arab National |
The following two tables indicate the top growing and the most declining companies amongst the largest 50 companies in Q1-2014:
|
Top 10 companies in terms of profit’s growth |
||||
|
Reason for increase |
Growth % |
2014 |
2013 |
Company |
|
Improvement in the operating performance of Saudi Polymers Company in Q1-2014 |
+10946% |
141.0 |
(1.3) |
Petrochem |
|
halting of Saudi Chevron Philips and Jubail Chevron Phillips for scheduled and unscheduled maintenance. In addition to improved results of Petrochem |
+355% |
261.0 |
60.0 |
SIIG |
|
The company attributed reporting a net profit, compared to a net loss in the same period last year to the stable operations of PRC in Q1- 2014, accordingly production and sales volume were increased. In addition, there was a positive impact of the revised commercial arrangements with Founding Shareholders. Conversely, Q1 2013 operations were low and unstable due to the utilities supplier blackout events occurred at the end of December 2012. |
+163% |
413.1 |
(658.1) |
Petro Rabigh |
|
Q1- 2013 included |
+54% |
2391.0 |
1550.0 |
STC |
|
the increase in sales by almost11% and to the increase in cash dividends received from some of the corporations’ investments. |
+45% |
91.2 |
63.1 |
SPIMACO |
|
realizing gain on sale of investment in Q1-2014 |
+44% |
157.0 |
109.0 |
Eastern Province Cement |
|
growth in revenues, decline in financial charges, zakat and income tax and minority interest |
+43% |
423.0 |
295.0 |
SAVOLA |
|
the increase in cements sales and the increase in the profits of the company's investments in Jordan |
+42% |
60.8 |
42.8 |
Northen Region Cement |
|
Improvement in Naftha sector and increase in the company’s earnings from Petredec (30.3% owned by bahari) |
+41% |
195.1 |
138.1 |
BAHARI |
|
18% increase in sales and growth of other revenues |
+40% |
190.8 |
135.9 |
Al-Hokair (Fiscal year ends March 31) |
|
Most declining companies in terms of profit |
||||
|
Reason for increase |
Growth % |
2014 |
2013 |
Company |
|
the Decrease in prices of Gold, Aluminum, DAP and Ammonia |
(48%) |
125.2 |
239.2 |
Maaden |
|
Sales decline and increase in GOGS as a result of high costs of imported clincker |
(34%) |
175.0 |
277.0 |
Yamama Cement |
|
the decrease in sales quantities because of the planned shutdown of ALWAHA affiliate |
(20%) |
99.9 |
125.4 |
SAHARA Petrochemical |
|
the decline in investment income by 48% in addition to realizing SAR 4m gain from liquidating an affiliate in Q1-2013 |
(19%) |
59.5 |
73.1 |
Taiba Holding |
|
The increase in the cost of sales as a result of using imported clinker - The increase in maintenance cost due to the furnace overhauling in Bisha and Jazan Plants |
(18%) |
221.0 |
269.0 |
Southern Province Cement |
|
the increase in the cost of goods sold due to the increase in imported clinker price |
(17%) |
205.0 |
247.0 |
Yanbu Cement |
|
Increase in provisions |
(17%) |
1706.0 |
2052.0 |
Al-Rajhi |
|
lower sales prices of certain products, increase of cost of sales due to higher sales volume, periodic maintenance cost and the increase in Zakat provision. |
(17%) |
555.7 |
667.1 |
YANSAB |
|
13% decrease in cement sales due to decline in local demand in addition to the impairment loss of some assets of an affiliated company |
(16%) |
286.0 |
340.0 |
Saudi Cement |
|
the decline in sales and increase in cost of Raw Material. |
(12%) |
59.9 |
67.9 |
AlAbdullatif |
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