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Latest articles in Saudi Arabia

Savola: Q2 21 review – Weak results on lower margins

Savola reported a net income of SAR200mn, declining by 51.2% yoy (+30.0% qoq) and came lower than our estimates of SAR237mn. This is also lower than our estimates of 20.2%, which we believe is mainly due to lower margins in Panda and Frozen Foods seg...
NCB Capital Nauman
Nauman Khan @ NCB Capital 4 August 2021

Alinma: Alinma Bank Q2 21 Results Analysis | Strong loan growth continues

Alinma reported a net income of SAR710mn, up 24.1% yoy (+10.6% qoq). The yoy growth is primarily due to higher revenue (+24.2% yoy, +2.2% qoq) supported by a strong growth in fee and other income (+106.8% yoy and 2.2% qoq). Revenues grew 24.2% yoy (+...
NCB Capital Walid
Walid Khalid Bamhair @ NCB Capital 3 August 2021

Albilad: Bank Albilad Q2 21 Results Analysis | Loan book surge drives in-line results

Bank Albilad reported a strong set of Q2 21 results, with net income increasing by 30.8% yoy (+5.9% qoq) to SAR416mn. This is in-line with the SNB Capital and consensus estimates of SAR420mn. Asset yields contracted by c72bps yoy to 3.8% vs 4.5% in Q...
NCB Capital Nauman
Nauman Khan @ NCB Capital 3 August 2021

Banque Saudi Fransi: BSFR: Q2 21 results analysis – Lower provisions but higher cost-to-income ratio

Revenues remained flat yoy (-2.3% qoq) at SAR1.75bn and are lower than our estimate of SAR1.83bn. Cost-to-income ratio increased to c35.6% in Q2 21 vs 31.7% and 32.9% in Q2 20 and Q1 21, respectively. Higher cost-to-income is a concern. Provisioning ...
NCB Capital Nauman
Nauman Khan @ NCB Capital 3 August 2021

Kayan: Q2 21 review – Strong results, in-line with expectations

Kayan reported their highest quarterly earnings since Q2 18, with a net profit of SAR781mn vs a profit of SAR493mn in Q1 21 and a loss of SAR398mn in Q2 20. Based on our calculation, Kayan’s operating rates stood at 70% in Q2 21 vs 76% in 2020 and ou...
NCB Capital Iyad
Iyad Khalid Ghulam @ NCB Capital 27 July 2021

Mobily: Q2 21 review – Steady top-line growth and in-line results

Mobily reported an in-line set of Q2 21 results with a net income of SAR244mn, up 31.8% yoy (+8.0% qoq). The growth in earnings is attributed to a steady revenue growth of 4.8% yoy and lower expenses. Gross profit came in at SAR2.15bn, up 4.1% yoy (+...
NCB Capital Iyad
Iyad Khalid Ghulam @ NCB Capital 26 July 2021