NCB Capital
NCB Capital

NCB Capital

Coverage: Saudi Arabia
NCB Capital is the largest asset manager in the Kingdom of Saudi Arabia and the largest Sharia compliant asset manager globally and offers a full range of investment banking and brokerage services alongside its market-leading research.
Location: Riyadh

Latest articles from NCB Capital

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

Shaker: Major developments priced-in, downgrade to underweight

Well placed to benefit from the construction boom: We believe robust growth in the construction activity due to the government’s housing initiative will reflect positively on Shaker. The AC segment will be the prime beneficiary, which contributed 57....
NCB Capital Nauman
Nauman Khan @ NCB Capital 2 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

Dr Sulaiman Al Habib: Strong results on higher top-line growth

Revenues grew 26.2% yoy (flat qoq) to SAR1.70bn and were higher than our estimates of SAR1.52bn. Gross profit increased 37.4% yoy (flat qoq) to SAR549mn and were higher than our estimates of SAR475mn. Operating income margin improved c140bps yoy to 2...
NCB Capital Nauman
Nauman Khan @ NCB Capital 26 April 2021

BJAZ: Strong margins drive net income in Q1 21

Bank Aljazira (BJAZ) reported a strong set of results with a net income of SAR322mn, up 77.1% yoy (net loss of SAR495mn in Q4 20). Based on the last update published in March 2020, we are Neutral on BJAZ with a PT of SAR11.2. Since then, the stock re...
NCB Capital Nauman
Nauman Khan @ NCB Capital 26 April 2021

Albilad: Strong loan growth drives earnings

Bank Albilad reported a strong set of Q1 21 results, with net income growing by 45.5% yoy (4.1% qoq) to SAR393mn. We highlight that the bank has reclassified certain commission income from fee and other income to NSCI and restated previous quarter fi...
NCB Capital Nauman
Nauman Khan @ NCB Capital 22 April 2021