Dubai :Strong Q4 Results Set to Boost Saudi ArabiaSource: www.export-egypt.com 1/19/2017, Location: Middle East |
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Solid fourth-quarter results from Saudi Arabian blue chips may help boost the stock market there while an overnight pull-back in oil and equity prices could constrain other Gulf markets.
The largest lender by assets, National Commercial Bank , made a net profit in the three months to Dec. 31 of 2.29 billion riyals ($611 million), a 7.5 percent rise, boosted by higher income from commissions and investments. That was slightly ahead of estimates; analysts at Alistithmar Capital and SICO Capital had given forecasts for NCB's fourth-quarter net profit of 2.0 billion riyals and 2.09 billion riyals respectively. Al Rajhi Bank, Saudi Arabia's second-largest lender, reported a 5 percent rise in fourth-quarter net profit to 2.05 billion riyals, meeting analysts' forecasts as financing, investment and other income increased. Shares in NCB are trading at a small discount to analysts' average fair value estimate while Al Rajhi is trading at a premium, according to Reuters data. The largest petrochemical maker, Saudi Basic Industries , made a net profit of 4.55 billion riyals in the three months to Dec. 31, a 47.7 percent jump. That was at the lower end of forecasts. SABIC said lower average operating and other non-core costs were the main reason for the rise in profit. PetroRabigh may be bid up after it swung to a net profit of 183 million riyals in the fourth quarter from a loss of 1.01 billion riyals a year earlier, citing relatively stable operations and the positive impact on inventory valuations of feedstock price increases. Sahara Petrochemical also swung to a net profit in the fourth quarter, citing higher sales volumes, product prices and income from subsidiaries. Among telecommunications, Zain Saudi reported a narrower fourth-quarter loss, marginally beating estimates as revenue increased. Mobily swung to a loss but beat estimates. Mouwasat Medical Services Co reported a 34.2 percent rise in fourth-quarter net profit to 72.2 million riyals, ahead of analysts' average forecast of 59.4 million riyals. Brent crude oil futures ended at their lowest level in a week, while MSCI's broadest index of Asia-Pacific shares outside Japan is down 0.4 percent after U.S. Federal Reserve Chair Janet Yellen signalled the central bank is poised to pursue a path of interest rate hikes. |
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