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Latest articles in Saudi Arabia

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
Weekend Reading / Global

Mapping the digital behaviour of emerging market consumers

To answer these questions, we surveyed 900 individuals across 14 emerging markets... Two-thirds of our respondents access social media at least daily; very few emerging market adults are not plugged into their social media accounts. Indonesia: Ride-h...
Tellimer Research Rahul
Rahul Shah @ Tellimer Research 16 October 2021
Mapping the digital behaviour of emerging market consumers
Mapping the digital behaviour of emerging market consumers

Almarai: Weaker than expected results on low margins

Almarai reported a weaker than expected set of Q3 21 earnings, with net income declining 34.2% yoy to SAR409mn. Revenues were up 2.0% yoy to SAR3.94bn, broadly in-line with our estimates. The earning weakness is primarily driven by lower gross margin...
SNB Capital Nauman
Nauman Khan @ SNB Capital 14 October 2021

Extra: Strong results driven by higher sales and margins

Extra reported a strong set of Q3 21 results with a net income of SAR89mn, increasing by 66.7% yoy (-11.3% qoq). This compares to the SNB Capital and consensus estimates of SAR75mn and SAR90mn respectively. We believe the yoy improvement in gross mar...
SNB Capital Nauman
Nauman Khan @ SNB Capital 14 October 2021

Jarir: Lower than expected margins offset higher sales

Jarir reported a mix set for Q3 21 results with a net income of SAR273mn, increasing 6.8% yoy (+44.0% qoq). Despite higher revenues, gross margins contracted by 153bps yoy to 15.5% and was lower than our estimate of 17.0%. Revenue grew 9.2% yoy (+10....
SNB Capital Nauman
Nauman Khan @ SNB Capital 14 October 2021