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...

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 (+...

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...

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 ...

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...

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 (+...