11/01/2018 Argaam Exclusive
The aggregate net profit of Saudi Arabian petrochemical producers is expected to jump an average of 22 percent year-on-year (YoY) to SAR 7.33 billion in Q4 2017, according to estimates of equity research firms compiled by Argaam.
On a quarter-on-quarter (QoQ) basis, the average net profit is set to drop 10 percent.
Six firms are projected to report higher profit. Giant petrochemical producer Saudi Basic Industries Corp (SABIC) is expected to see a profit rise of 20 percent YoY but a 6 percent decline QoQ to SAR 5.44 billion.
Saudi Industrial Investment Group (SIIG) will likely record the biggest profit surge to SAR 226.3 million in Q4, compared to SAR 19.3 million in the same period of 2016.
National Petrochemical Co. (Petrochem) will likely to swing to a net profit of SAR 197 million in the fourth quarter, compared to a net loss of SAR 127 million Q4 2016.
Meanwhile, Sahara Petrochemical Co. is projected to record the biggest profit drop of 12 percent to SAR 141 million in Q4. Advanced Petrochemical followed with a YoY decline of 11.5 percent.
Saudi Kayan Petrochemical Co. is forecast to incur net losses of SAR 136 million, against a net profit of SAR 104 million in Q4 2016.
| Company | No. of Analysts | 2016 - Q4 (a) | 2017 - Q4 (e) | Difference |
| SABIC | 9 | 4,514.62 | 5,441.17 | 20.5 % |
| SABIC AGRI-NUTRIENTS | 9 | 268.40 | 275.84 | 2.8 % |
| YANSAB | 9 | 607.00 | 628.90 | 3.6 % |
| ADVANCED | 9 | 207.81 | 185.80 | (10.6 %) |
| SIPCHEM | 6 | 31.87 | 149.42 | 368.9 % |
| TASNEE | 5 | 9.44 | 190.96 | 1,922.5 % |
| Petrochem | 5 | (123.68) | 197.00 | 259.3 % |
| Sahara Petrochemicals | 4 | 166.31 | 140.60 | (15.5 %) |
| SIIG | 4 | 43.51 | 226.33 | 420.2 % |
| SAUDI KAYAN | 4 | 91.58 | (136.28) | (248.8 %) |
| ALUJAIN | 2 | 35.75 | 30.65 | (14.3 %) |
| PETRO RABIGH | 1 | 180.98 | (96.00) | (153.0 %) |
| Total | 9 | 6,033.58 | 7234.38 | 19.9 % |
NCB Capital and SICO provided estimates for ten firms.
| TASI | 11,849.37 | (43.07) | (0.36 %) |
| ALUJAIN | 38.55 | (0.20) | (0.52%) |
| TASNEE | 10.16 | 0.02 | 0.20% |
| NAMA CHEMICALS | 27.10 | 0.20 | 0.74% |
| SABIC | 67.00 | 0.20 | 0.30% |
| SABIC AGRI-NUTRIENTS | 111.00 | 3.20 | 2.96% |
| Sahara Petrochemicals | 17.46 | 0.20 | 1.16% |
| SIIG | 16.86 | 0.12 | 0.71% |
| YANSAB | 36.90 | (0.35) | (0.94%) |
| SIPCHEM | 24.06 | (0.10) | (0.41%) |
| SAUDI KAYAN | 6.90 | 0.08 | 1.18% |
| CHEMANOL | 18.54 | 0.00 | 0.00% |
| PETRO RABIGH | 8.16 | 0.00 | 0.00% |
| Petrochem | 45.60 | (0.60) | (1.30%) |
| ADVANCED | 32.15 | (0.05) | (0.16%) |
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