Iyad Khalid Ghulam

NCB Capital

Vice President, Senior Equity Research Analyst @ NCB 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 articles from Iyad Khalid Ghulam

Saudi Cement Company: Q1 21 earnings decline yoy on lower selling prices

Saudi Cement reported an in-line set of Q1 21 earnings, with net income declining by 19.6% yoy (-3.8% qoq) to SAR119mn. Sales declined 4.7% yoy SAR429mn, coming in-line with our estimates. Export quantities increased 4.7% yoy to 826,000 tons and were...
NCB Capital Iyad
Iyad Khalid Ghulam @ NCB Capital 4 May 2021

Qassim Cement Co.: In-line results, prices improved qoq

Qassim Cement reported an in-line set of Q1 21 results, with a net income of SAR101mn (-9.3% yoy, -10.8% qoq). This is in-line with the NCBC estimates of SAR101mn and compares with the consensus estimates of SAR95mn. Gross margins contracted by 807bp...
NCB Capital Iyad
Iyad Khalid Ghulam @ NCB Capital 26 April 2021

Mobily: Stable results as operational efficiency continues

Mobily reported a strong earnings growth of 73.8% yoy (-8.1% qoq) to SAR226mn in Q1 21. Gross margin came-in at 57.5%, lower than our estimates of 58.1%, but was higher than Q4 20 and Q1 20 levels of 55.7%, and 57.4%, respectively. EBITDA margin came...
NCB Capital Iyad
Iyad Khalid Ghulam @ NCB Capital 20 April 2021

Yamama Cement: Q1 21 results in line, but prices remain weak

Yamama Cement reported an in-line set of Q1 21 earnings, with a net income of SAR55mn (-55.7% yoy, -51,8% qoq). Domestic cement sales decreased 30.5% yoy to 0.99mn tons in Q1 21, compared to the local industry’s growth of 5.3% yoy which we attribute ...
NCB Capital Iyad
Iyad Khalid Ghulam @ NCB Capital 20 April 2021

Yansab: Highest earnings since Q3 18 despite shutdowns

Yansab reported a better-than-expected set of Q1 21 results, with a net income of SAR420mn, up 302% yoy and 26.3% qoq. This is the highest quarterly earnings since Q3 18 and is significantly higher than the NCBC and consensus estimates of SAR285 and ...
NCB Capital Iyad
Iyad Khalid Ghulam @ NCB Capital 19 April 2021

Saudi: Shareek program – the gate for growth

On 30 March 2021, the Crown Prince launched Shareek program, a major program that aims to strengthen the collaboration between the public and private sectors to fuel growth, diversify the economy and create job opportunities. We believe Shareek is a ...
NCB Capital Iyad
Iyad Khalid Ghulam @ NCB Capital 1 April 2021

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Iyad Khalid Ghulam
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2019
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2020

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