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

Zain KSA: Towers sale is a key driver

We remain Neutral on Zain with a PT of SAR13.6. We believe the potential towers sale remains a key catalyst. Zain successfully completed its capital restructuring in October 2020. We expect Zain’s 2021f net income to decline 22.2% yoy to SAR201mn due...
NCB Capital Iyad
Iyad Khalid Ghulam @ NCB Capital 15 July 2021

Almarai: Weak earnings on lower margins

Almarai reported a weaker than expected set of Q2 21 earnings, with net income declining by 25.1% yoy to SAR482mn. This compares to the NCBC and consensus estimates of SAR579mn and SAR619mn, respectively. Growth in long-life dairy (+12% yoy), juices ...
NCB Capital Nauman
Nauman Khan @ NCB Capital 12 July 2021

Zain KSA: Inline results with low top-line growth

Revenues increased 0.4% yoy (-2.2% qoq) to SAR1.9bn, lower than our estimates of SAR2.04bn. Gross profit came in at SAR1.26bn, down 7.1% yoy (+3.5% qoq) and was slightly lower than our estimates of SAR1.28bn. SG&A/sales stood at 26.1%, vs our estimat...
NCB Capital Iyad
Iyad Khalid Ghulam @ NCB Capital 12 July 2021

Advanced Petrochemicals: Record-high Q2 21 results, despite one-off charge

Advanced reported record high results in Q2 21 with a net income of SAR265mn, up 71% yoy and 55% qoq. We believe the better than expected result is attributed to lower cost of production, which led to a record gross margin of 42.9%, mitigating the im...
NCB Capital Iyad
Iyad Khalid Ghulam @ NCB Capital 7 July 2021

Almarai: Poultry expansion is a major growth driver

Doubling poultry capacity to drive top-line growth. Inorganic expansions through M&A. Top-line to grow at a CAGR of 5.1% over the next 5 years.
NCB Capital Nauman
Nauman Khan @ NCB Capital 30 June 2021

Extra: Consumer finance to support future growth

Consumer finance – The next growth driver: We believe the consumer finance business will continue to be a key driver for future earnings and margin growth. Extra recorded robust growth in its consumer book, up from SAR137mn in Q4 19 to SAR952mn in Q1...
NCB Capital Nauman
Nauman Khan @ NCB Capital 10 June 2021