Iyad Khalid Ghulam

SNB Capital

Head of Equity Research @ SNB Capital

Iyad has more than 10 years’ experience in the investment banking industry in Saudi Arabia, with his main focus being on the petrochemical and telecommunications sectors. He is an Euromoney award-winning analyst for his covered sectors. His coverage also includes utilities and religious tourism stocks, and he previously also covered the cement sector. 

Iyad Khalid Ghulam
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Latest from Iyad Khalid Ghulam

Investor Tracker | December 2022 | Trading activity & ownership

In November 2022, Tadawul All Share Index (TASI) decreased 6.6% to close at 10,897 points. The average traded value decreased by 12.7% mom. QFIs were net buyers with a net inflow of SAR5.4bn.
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 6 December 2022

Arabian Drilling | Initiating Coverage | The unsung champion (Neutral: SAR120.0)

The unsung champion: Arabian Drilling is a pioneer in Saudi drilling services with a strong track record. Saudi to drive demand: MENA region is expected to record an additional hydrocarbon production of 20-30 mmboed by 2030f. Earnings to record a CAG...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 22 November 2022

SGS Earnings Call Summary – Q3 22

Revenue stood at SAR555mn, up 31.9% yoy (+12.0% qoq). The total number of flights served was 24,968 in September 2022. Compared to global recovery, SGS stood at 85% on a cumulative basis in 2022.    .
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 16 November 2022

SIIG: Q3 22 Results Analysis | Weak Petrochemicals sector earnings continue

SIIG reported a Q3 22 net income of SAR55mn down 73.0% yoy (-80.6% qoq). Operating income stood at SAR58mn, decreasing 82.9% yoy (-80.6% qoq). Net non-opex came in at SAR3mn in Q3 22 significantly lower than SAR135mn in Q3 21 and SAR15mn in Q2 22.
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 10 November 2022

Saudi Airlines Catering: Q3 22 Results Analysis | Highest revenue and profits since Q4 19

Revenues increased significantly to SAR502mn, up 51.1% yoy (+21.4% qoq) and were higher than our estimates of SAR448mn. We believe the positive variance in earnings is mainly driven by higher-than-expected revenue. Gross profit came in at SAR148mn, u...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 10 November 2022

Tasnee: Q3 22 Results Analysis | Weak results, inline with the sector

Revenues stood at SAR887mn, down 11.7% yoy (-17.6% qoq) and is inline with our estimates of SAR902mn. Gross profit stood at SAR130mn, down 13.2% yoy (-49.8% qoq) and is lower than our estimates of SAR188mn. Operating income came-in at SAR179mn, down....
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 1 November 2022

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Iyad Khalid Ghulam
Saudi Arabia
Saudi Tadawul Group