Iyad Khalid Ghulam

SNB Capital

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

Kayan: Strong sales partially offset by high feedstock cost

Kayan reported a net income of SAR667mn in Q3 21 vs a profit of SAR781 in Q2 21 (-14.5% qoq) and a loss of SAR28mn in Q3 20. We believe the variance is mainly due to strong revenue growth driven by higher average realized prices and operating rates. ...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 25 October 2021

Zain KSA: Improved operational efficiency drives qoq growth

Revenues increased 2.9% yoy (+4.6% qoq) to SAR2.0bn, in-line with our estimate. The growth is mainly driven by B2B and 5G revenues. We note that Zain’s revenue growth is lower than the growth reported by other operators such as STC (+5.7% yoy) and Mo...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 25 October 2021

Yanbu Cement Co: Local prices decline to lowest levels since Q3 18

Yanbu Cement reported a net income of SAR36.4mn, declining 55.9% yoy (-13.0% qoq). Average selling prices stood at SAR150/ton (-19.3% yoy, +5.8% qoq) and was higher than our estimates of SAR137/ton. Local sales prices stood at SAR177/ton, which repre...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 24 October 2021

Taiba: Dur merger and IAS 40 to drive value

We remain Neutral on Taiba with a PT of SAR36.3. Moreover, the potential merger with Dur and implementation of IAS 40 are key short-term catalysts. The stock trades at a slight discount to its Market NAV at 0.99x. As of 17 October 2021, Saudi has eas...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 18 October 2021

Yansab: Weak results due to shutdown impact

Yansab reported a weak set of Q3 21 results, with a net income declining by 8.1% yoy (-69.9% qoq) to SAR180mn. This compares to the SNB Capital and consensus estimates of SAR445mn and SAR497mn, respectively. We believe the variance is attributed to 1...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 18 October 2021

Saudi Cement Monthly – August 2021 – Slight recovery as summer season ends

Local cement sales for the Saudi cement sector stood at 3.98mn tons in August 2021 (-4.7% yoy, +13.6% mom). This represents a recovery after the weak sales recorded during July 2021 as the summer season is ending. However, the yoy decline is mainly a...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 9 September 2021

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