Results Summary of Listed Companies in the Saudi Market

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August 2016 Results Summary of Listed Companiesin the Saudi Market2Q2016

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Dar Alarkan had the lowest P/BV (0.4x) in the Saudi market, followed by

Methanol Chemicals Co. (0.6x).

The TTM P/BV for the Saudi market stood at 1.5x.

Bishah Agriculture Development, Al-Baha Investment & Development

Co., and Sanad Insurance and Reinsurance Cooperative Co. lost 135.3%,

123.6%, and 83.1% of capital (since inception), respectively.

9 of the top 15 highest accumulated loss to capital are from the Insurance sector.

Bank AlJazira , Alsagr Co-op Ins, and Arab National Bank posted the lowest

P/E (5.4- 5.8x) in the Saudi market for the trailing 12 months (TTM),

followed by The Banque Saudi Fransi (6.0x).

The current P/E for the Saudi market on a TTM basis stood at 15.5x.

Yanbu Cement had the highest dividend yield (11.6%) in the Saudi market.

The Cement sector dominated the market in terms of dividend yield, with

11 companies ranking among the top 15 companies.

Overall, the dividend yield in the Saudi market stood at 3.8%.

Company D/Y(%)* P/Bv (x) P/E TTM (x)

Yanbu Cement 11.6 1.8 8.7Yamamh Cement 9.9 1.2 8.5Saudi Cement 9.8 3.2 10.4Qassim Cement Co 9.7 3.2 11Arabian Cement 9.7 1.4 7.5Saudi Arabia Fertilizers Co. 9.5 4.1 17.3AlAbdullatif Industrial Invest. Co. 9.1 1.1 21Eastern Cement 9 1.1 8.1Northern Cement 9 1.1 12Hail Cement 8.9 1.1 11.2City Cement 8.7 1.3 11.1Saudi Arabian Amiantit Co. 8.6 0.6 34.1Najran Cement 8.3 1 11.3Southern Cement 8.1 3.2 9.9Saudi Airlines Catering Co. 8 5.5 11.2

Source: Bloomberg, AlJazira Capital. Prices as of 7th of August

Company P/E TTM (x) P/BV (x) D/Y (%)*

Bank AlJazira * 5.4 0.6 -Al Sagr Co-op Ins 5.5 2.1 -Arab National Bank 5.8 0.8 5.8Banque Saudi Fransi 6 0.9 5.1Saudi Hollandi Bank 6.1 1 1.2The Saudi British Bank 6.3 0.9 4.1The National Shipping Co. 6.8 1.6 6.6The Saudi Investment Bank 7.1 0.6 6.6Samba Financial Group 7.1 0.9 6.3Zamil Industrial 7.3 0.8 7.6Al-Tayyar Travel Group 7.4 1.4 -Arabian Cement Co 7.5 1.4 9.7Al-Babtain 7.7 1.5 7.5National Commercial Bank 8.1 1.4 4.1Eastern Cement 8.1 1.1 9

Source: Bloomberg, AlJazira Capital. Prices as of 7th of August. * Non recurring profit

Company Bk Value P/Bv (x) L/C (%)

Bishah Agriculture Development -0.8 - 135.30%Al-Baha Investment 0.3 - 123.60%Sanad Insurance and Reinsurance 1.6 - 83.10%Etihad Atheeb Telecommunication 2.6 1.4 73.70%Amana Cooperative Insurance Co 3.4 2.9 66.20%Saudi Fisheries Co. 3.5 3.8 65.90%Al-Ahlia Insurance Co. 3.5 2.3 65.20%Malath Cooperative Insurance 3.8 2.8 62.60%Solidarity Saudi Takaful Co 3.9 2.4 56.50%Tihama Advertising 6.1 4.1 54.90%Saudi Enaya Co-op Ins 4.6 2.4 54.20%Saudi Cable Co. 4.9 1.2 48.70%Saudi Indian Co. 5.2 3.3 47.80%Arabia Insurance Cooperative 9.1 1.4 39.40%Gulf Union Cooperative Insurance 6.1 1.9 39.20%

L /C refers to accumulated losses to capital Source: Bloomberg, AlJazira Capital. Prices as of 7th of August

Top 15 Companies

Lowest 15 Companies

Top 15 Companies

Highest 15 Companies

Lowest P/E

Accumulated Loss to Capital

Highest D/Y

Lowest P/BV

Company P/Bv (x) P/E TTM (x) D/Y (%)*

Dar Alarkan Real Estate 0.4 26.5 -Methanol Chemicals Co. 0.6 - -Saudi Arabian Amiantit Co. 0.6 34.1 0.6Bank AlJazira 0.6 5.4 -The Saudi Investment Bank 0.6 7.1 6.6 Al-Khodari 0.7 - -Al Jouf Cement Co. 0.7 15.3 -Saudi Real Estate Co. 0.7 21.9 4.8Nama Chemicals Co. 0.7 - -Saudi Advanced Industries Co. 0.7 - -Arab National Bank 0.8 5.8 5.8Astra Industrial Group 0.8 - -Saudi Re 0.8 - -Saudi International Petrochemical 0.8 26.4 4.8Saudi Kayan Petrochemical Co, 0.8 - -


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Al Rajhi Bank, at 10.9%, has the highest weight to the Saudi market, followed

by Saudi Basic Industries Corp (8.1%), and Jabal Omar Development Co

(5.5%). These three companies account for more than 20.0% of the market index.

The most influential stocks in the Saudi market are from the Banking, Petrochemical, and Telecommunication sectors.

Basic Chemical Industries Company has been the best performing

stock since the beginning of 2016 (up 60.4% YTD), followed by Al Sagr

Cooperative Insurance Company (up 45.2% YTD).

The list indicates that just 15 companies have provided returns of 20.0% or

more, since the start of 2016.

Al Alamiya Coop Insurance Co. has been the worst performer (down 51.2%

YTD), followed by Al Tayyar Travel Group Holding Co. (down 51.1% YTD).

The list indicates that 15 companies lost more than 30.0% of their value

since the start of the year.

Company YTD % P/Bv (x) P/E TTM (x)

Al Alamiya Coop Insurance Co -51.2 3.8 28.8Al Tayyar Travel Group Holding Co -51.1 1.4 7.4Abdulmohsen Alhokair Group -45 2.5 12.7AlAbdullatif Industrial Investment -42.7 1.1 20.8AlHokair -40.6 3.4 14.3Malath Co-op Insurance -39.9 1.5 107.9MetLife AIG ANB -37.8 2.8 -Saudi Paper Manufacturing Co. -37.1 1 -Jarir Marketing Co -36.7 6.3 12.8Takween Advanced Industries -36.3 1.8 -Al Sorayai -35.3 0.9 -Aseer Trading -34.7 0.8 -United Electronics Co. -34.3 2 -Jazan Development Co. -33.9 0.9 24.8Saudi Research and Marketing -33.6 3.1 -

Source: Bloomberg, AlJazira Capital. Prices as of 1st of August

Company YTD % P/Bv (x) P/E TTM (x)

Basic Chemical Industries Co. 60.4 1.9 19.7Al Sagr Co-op Ins 45.2 2.4 7.3Saudi United Cooperative 40.6 1.8 14Saudia Dairy and Foodstuff .Co 35.7 4.5 19Saudi Indian Company 30.5 3.6 -Yanbu National Petrochemical 29 1.6 13.3Solidarity Saudi Takaful Co. 25.2 2.5 36United Wire Factories Co. 23.8 2.4 13.4Tabuk Agriculture 23 1.2 -Filing & Packing Materials 22.4 2.8 39.5The Company for Cooperative 22.2 3.9 16.4National Industrialization Co. 21.2 1.1 -Dallah Healthcare 21.5 3.4 26.3Arabia Insurance Cooperative 21.2 1.5 -Amana Cooperative Insurance Co 20.9 2.7 14.9

Source: Bloomberg, AlJazira Capital. Prices as of 1st of August

Company Issued Shares (mn)

Free Shares (mn) F/I (%)

Kingdom Holding Co. 3706 185 5.00%Saudi Telecom 2000 324 16.20%Saudi Electricity Co. 4167 716 17.20%National Petrochemical Co. 480 84 17.50%Saudi Basic Industries Corp 3000 632 21.10%Rabigh Refining and Petrochemical 876 190 21.70%Saudi Hollandi Bank 1143 315 27.60%Al Hammadi Development a 120 36 30.00%Aljazira Takaful Taawuni Co. 35 11 30.00%Middle East Healthcare Co. 92 28 30.00%Saudi Ground Services Co. 188 56 30.00%Lazurde Company for Jewelry 43 13 30.00%Alandalus Property Co. 70 21 30.00%Al Alamiya 40 12 30.00%Al Yamamah Steel Industries Co. 51 15 30.00%

Source: Bloomberg, AlJazira Capital. Prices as of 1st of August F/I refers to free to issued shares

Best 15 Companies

Top 15 Companies

Worst 15 Companies

Least 15 Companies

Top price performers

Weight to the market index

Worst price performers

Ratio of free to issued shares

Company % of TASI No. of Free Shares (mn) P/E TTM (x)

Al Rajhi Bank 10.90% 1,183.40 12.1Saudi Basic Industries Corp 8.10% 632.5 14.6Jabal Omar Development Co. 5.50% 554.1 -National Commercial Bank 4.50% 713.2 8.1Saudi Telecom 3.30% 323.5 14.2Samba Financial Group 3.20% 1,005.40 7.1Riyad Bank 2.70% 1,570.20 8Saudi Arabian Mining Co. 2.30% 403.8 -Savola Group 2.30% 400 14.8Banque Saudi Fransi 2.30% 648 6Alinma Bank 2.30% 1,109.80 12.7Saudi Electricity Co. 2.20% 715.8 -Almarai Co. 2.20% 251.5 21.7Etihad Etisalat Co. 1.90% 427.8 -Jarir Marketing Co. 1.60% 86.4 13.4

Source: Bloomberg, AlJazira Capital. Prices as of 1st

of August

Kingdom Holding Co. has the lowest ratio of free-to-issued shares, with just

5.0% of the shares issued being traded in the market.

According to the data, four companies have less than 20.0% of free floats.

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Jarir Marketing Co. has the highest return on equity (RoE) at 49.5% on a

TTM basis, followed by Saudi Airlines Catering Co. at 49.2%. The top 15

companies have RoE of over 24.0%.

Saudi Airlines Catering Co and Jarir Marketing Co. registered the highest

return on assets (RoA) in the Saudi market at 35.1% and 30.2% on a TTM

basis, followed by The Qassim Cement Co. at 24.7%.

The top 15 companies have RoA of over 15.0%.

Company YTD % P/Bv (x) ROA (%)

Saudi Airlines Catering Co. -27.4 5.5 35.1Jarir Marketing Co. -36.6 6.8 30.2The Qassim Cement Co. -12.5 3.2 24.7Southern Province Cement Co. 4.7 3.2 24.1Saudi vitrified clay pipes co. -7.6 4.7 23.8Saudi Cement Co. -4.8 3.2 21.8Saudia Dairy and Foodstuff .Co 35.7 4.6 20.9Saudi Ground Services Co. 1.9 3 20.4Saudi Arabia Fertilizers Co. -25.4 4.1 18.1Advanced Petrochemical Co. 18.1 2.9 17.6Yanbu Cement Co. -9.7 1.8 17.3Herfy Food Services Co -29.4 4.4 16.3Middle East Healthcare Co. - 4.4 16.1Al Sagr Co-op Ins 45.1 2.1 15.6Arabian Cement 2 1.4 15.5


Company YTD % P/Bv (x) ROE (%)

Jarir Marketing Co -36.6 6.8 49.5Saudi Airlines Catering Co. -27.4 5.5 49.2Bupa Arabia 20 6.5 39Al Sagr Co-op Ins 45.1 2.1 38.8Saudi vitrified clay pipes co. -7.6 4.7 37.6Southern Province Cement Co. 4.7 3.2 32Saudi Cement Co. -4.8 3.2 31.2The Qassim Cement Co -12.5 3.2 29.3Middle East Healthcare Co. - 4.4 27.9Advanced Petrochemical Co. 18.1 2.9 27.6Saudia Dairy and Foodstuff .Co 35.7 4.6 27.5Herfy Food Services Co -29.4 4.4 26.7Al Yamamah Steel Industries Co. - 2.6 26.7Saudi Ground Services Co. 1.9 3 25.3Saudi Company for Hardware -12.6 4.2 24.9


Best 15 Companies Best15 CompaniesReturn on Equity (ROE) Return on Assets (ROA)

The overall net earnings of the companies listed on the TASI declined 10.8% YoY to SAR 27.6bn in 2Q2016 from SAR 31.0bn in 2Q2015. Banks and

Petrochemicals accounted for 66.9% of total earnings. SABIC, National Commercial Bank, and Al Rajhi Bank were major earnings drivers, accounting for

17.3%, 8.9%, and 7.5% share of earnings, respectively, in 2Q2016.

Earnings (Prior Year TTM) Earnings (Current Year TTM) % YoY (RHS)

-15.2%

-12.6%

-2.1%

-10.8%

-20.0%

-10.0%

0.0%

0

10,000

20,000

30,000

40,000

Q32014/2015 Q42014/2015 Q12015/2016 Q22015/2016

(SA

R M

n)

Total net profit for listed companies in the Saudi Market

Source: Bloomberg, AlJazira Capital

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h The Saudi market’s net profit declined 10.8% YoY to SAR 27.6bn in 2Q2016 from SAR 31.0bn in 2Q2015.

h The market’s earnings per share (EPS) in 2Q2016 stood at SAR 0.53.

h Index heavyweights Banks & Financial Services and Petrochemicals contributed the most to total earnings (42.2% and 24.6%, respectively), while the Media & Publishing was the only sector to post losses.

h The Insurance sector was the best performer in the Saudi market, with a 64.9% YoY increase in net profit at SAR 476.8mn in 2Q2016, compared with a net profit of SAR 289.2mn in 2Q2015. This improvement was primarily led by Al Sagr Co-operative Insurance Co, which posted a net profit of SAR 58.0mn in 2Q2016 vis-à-vis SAR 12.7mn in 2Q2015.

h In 2Q2016, four sectors witnessed YoY growth, while eleven sectors registered YoY decline in net profit. The combined profit after tax (PAT) of the eleven sectors declined 14.1% YoY, led by higher weightage of the Banks & Financial Services; meanwhile, the combined PAT of four sectors increased 18.2% YoY, led by the Telecom and IT sector.

5,000 5,200 5,400 5,600 5,800 6,000 6,200 6,400 6,600 6,800 7,000

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

YTD TASI Index Performance

-60.00% -50.00% -40.00% -30.00% -20.00% -10.00%

0.00% 10.00% 20.00%

Hot

el &

Tou

rism

M

edia

& P

ublis

hing

M

ulti-

Inve

stm

ents

R

etai

l A

gri.

& F

ood

Tele

com

& IT

Tr

ansp

ort

Ban

ks

Bui

ldin

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Con

st.

Cem

ent

Indu

stria

l P

etch

em

Insu

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eal E

stat

e E

nerg

y &

Util

ities

YTD 2016 Sector Performance

-8.1% YTD

Sector

2Q2015 2Q2016YoY

Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

Sector profit to Total

Banks & Financial Services 11,982.10 0.72 11,599.20 0.7 -3.20% 42.00%Petrochemicals 8,421.90 0.91 6,761.00 0.73 -19.70% 24.50%Cement 1,668.80 0.91 1,314.70 0.71 -21.20% 4.80%Retail 868.5 0.82 787.4 0.74 -9.30% 2.80%Energy & Utilities 1,998.10 0.47 1,448.50 0.34 -27.50% 5.20%Agri & Food 1,332.10 0.71 1,245.00 0.66 -6.50% 4.50%Telecom & IT 1,416.10 0.4 1,489.50 0.42 5.20% 5.40%Insurance 289.2 0.22 476.8 0.37 64.90% 1.70%Multi-Investment 382.9 0.1 228.5 0.06 -40.30% 0.80%Industrial Investment 829.8 0.45 445.8 0.24 -46.30% 1.60%Real Estate Development 262.1 0.07 433.2 0.34 41.20% 1.60%Transport 595.5 0.08 772.7 0.11 29.80% 2.80%Media & Publishing 34.4 0.76 -61.2 0.98 - -0.20%Hotel & Tourism 476.8 0.22 348.9 -0.39 -26.80% 1.30%Building & Construction 375.8 1.27 347.8 0.93 -7.40% 1.30%Total Saudi Market 30,978.80 0.89 27,637.80 0.53 -10.80% 100.00%

Source: Tadawul, Bloomberg, AlJazira Capital

Sectors Performance

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The Banking sector’s net profit declined 3.2% YoY to SAR 11.6bn in 2Q2016. The sector’s EPS stood at SAR 0.7 per share.

Most banking stocks posted a YoY increase in net profit, with Alinma Bank registering the highest growth (up 12.1% YoY). Heavyweight National

Commercial Bank’s net profit rose 3.2% YoY, while Bank AlJazira’s net profit declined 75.8% YoY. Samba Financial Group’s net profit declined 1.4% YoY.

Riyad Bank registered the sector’s highest dividend yield at 6.4%.

Key factors that affected the net profit of some companies during 2Q2016 in the sector were:

h Al Rajhi Bank: The bank’s net profit increased 5.7% YoY to SAR 2,052.0mn in 2Q2016, led by a 10.3% YoY rise in total operating income to SAR 3,900.0mn in 2Q2016. Loans and advances improved 6.6% YoY, while customer deposits surged 0.6% YoY. Furthermore, net commission income gained 9.7% YoY in 2Q2016.

h Bank AlJazira: Bank AlJazira’s net income declined 75.8% YoY to SAR 178.0mn in 2Q2016 due to a 51.0% YoY decrease in operating income. Loans and advances grew 4.3% YoY, whereas customer deposits fell 9.4% YoY in 2Q2016. Net commission income dropped 4.5% YoY during the period.

h National Commercial Bank (NCB): The bank’s net profit advanced 3.2% YoY to SAR 2,438.0mn in 2Q2016, driven by a 8.1% YoY gain in total operating income to SAR 4,629.0mn. Loans and advances grew 13.0% YoY, while customer deposits declined 12.8% YoY in 2Q2016. In addition, net commission income soared 8.3% YoY in 2Q2016.

h Riyad Bank: The bank’s net profit increased 1.6% YoY to SAR 1,146.0mn in 2Q2016, led by lower operating expense. Total operating income declined 6.5% YoY to SAR 2,072.0mn in 2Q2016. Loans and advances grew 12.8% YoY, whereas customer deposits fell 1.8% YoY in 2Q2016. Net commission income dropped 5.2% YoY in 2Q2016.

h Saudi British Bank (SABB): SABB’s net profit surged on a 4.6% YoY rise in operating income to SAR 1,796.0mn in 2Q2016. Loans and advances grew 7.9% YoY, while customer deposits increased 1.7% YoY in 2Q2016. Furthermore, net commission income gained 3.8% YoY in 2Q2016.

h Samba Financial Group: The bank’s net profit decreased 1.4% YoY to SAR 1,314.2mn in 2Q2016 due to a 6.4% YoY increase in operating expenses. Loans and advances declined 0.1% YoY, whereas customer deposits rose 0.7% YoY during the period. Net commission income gained 6.9% YoY in 2Q2016.

12,000

13,000

14,000

15,000

16,000

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Banking Sector

-30% -23% -16%

-9% -2% 5%

12% 19%

SAIB

Bank

AlJa

zira

NCB

SABB

Arab

Nat

iona

l

BSF

Saud

i Hol

land

i

Sam

ba

Bank

AlB

ilad Riya

d

Alin

ma Al

Raj

hi

YTD 2016 Banking Sector

-11.8 YTD

Company Name

2Q2015 2Q2016YoY

Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E (x) P/Bv (X) D/Y (%)*

Alinma Bank 364.8 0.24 409 0.28 12.10% 12.62 1.11 3.79

Al Rajhi Bank 1,941.40 1.19 2,052.00 1.26 5.70% 12.23 2.01 2.58

NCB 2,362.90 1.18 2,438.00 1.22 3.20% 8.24 1.33 3.16

Banque Saudi Fransi 1,015.80 0.84 1,048.00 0.87 3.20% 6.36 0.9 5.09

Riyad Bank 1,128.20 0.38 1,146.00 0.38 1.60% 8.07 0.87 6.42

Saudi British Bank 1,137.30 0.76 1,151.00 0.77 1.20% 6.35 0.97 3.78

Saudi Hollandi Bank 539.2 0.47 539.7 0.47 0.10% 6.49 1.04 1.11

Samba Financial 1,332.40 0.67 1,314.20 0.66 -1.40% 7.12 0.89 4.88

Arab National Bank 835.3 0.84 818 0.82 -2.10% 6.04 0.78 5.1

BANK ALBILAD 206.5 0.34 183.9 0.31 -10.90% 13.08 1.52 -

SAIB 382.6 0.55 321.4 0.46 -16.00% 7.39 0.68 6.38

Bank AlJazira 735.8 1.84 178 0.45 -75.80% 5.4 0.62 -

Total 11,982.10 0.72 11,599.20 0.7 -3.20% 8.8 1.18 3.89Source: Tadawul, Bloomberg, AlJazira Capital

Banking Sector

6




The net profit of Saudi Arabia’s Petrochemical sector declined 19.7% YoY to SAR 6.8bn in 2Q2016 from SAR 8.4bn in 2Q2015. Index heavyweight Saudi

Basic Industries Corp and Saudi Arabia Fertilizers Co. reported a decline of 23.2% YoY and 49.7% YoY , respectively. The sector’s EPS stood at SAR 0.73 per

share.

Rabigh Refining & Petrochemical Company, Saudi International Petrochemical Co. (SIPCHEM), and Saudi Arabia Fertilizers Co. were the worst performers

in terms of YoY decline in net profit; their net profit fell to SAR 103.2mn, SAR 26.0mn, and SAR 299.5mn, respectively, in 2Q2016.

Yanbu National Petrochemical Company and Advanced Petrochemical Company has the highest dividend yield in the sector at 7.1% and 6.8%, respectively.

The following factors impacted the net profit of some companies in the sector during 2Q2016:

h Advanced: The company’s net profit declined 23.3% YoY to SAR 186.6mn in 2Q2016, mainly due to a decrease in polypropylene prices despite lower feedstock prices.

h Kayan: Kayan posted a net profit of SAR 91.0mn in 2Q2016 compared with a net loss of SAR 13.4 in 2Q2015. This was ascribed to an increase in volumetric sales. A decrease in raw material prices and feedstock cost, enhanced operational performance, and a fall in zakat provision.

h Petro Rabigh: The company’s net profit declined 79.6% YoY to SAR 103.2mn in 2Q2016, largely due to low petrochemical prices and reduced refinery margins.

h SABIC: SABIC’s net profit fell 23.2% YoY to SAR 4,740.0mn in 2Q2016 due to lower average selling prices and an impairment charge of SAR 366.0mn against its subsidiary’s assets.

h SAFCO: SAFCO’s net profit declined 49.7% YoY to SAR 299.0mn in 2Q2016 due to lower selling prices of the company’s products, although an increase in the quantities of products sold minimized the impact on earnings.

h SIIG: The company’s net profit dropped 36.3% YoY to SAR 216.0mn in 2Q2016. This fall was ascribed to a decrease in profit from jointly managed projects (SCP and JCP) due to lower sales prices, and gains feedstock and electricity costs.

h YANSAB: Yanbu’s net profit increased 203.1% YoY to SAR 689.3mn in 2Q2016, driven by a surge in production and sales volumes due to the completion of turnaround activities in 2Q2016.

Company Name

2Q2015 2Q2016YoY

Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X)

D/Y (%)*

Sahara Petrochemical 11.4 0.03 96.4 0.22 745.20% 20.63 0.87 4.55Yanbu National Petro 227.4 0.4 689.3 1.23 203.10% 13.27 1.58 7.11Saudi Basic Industries 6,170.70 2.06 4,740.00 1.58 -23.20% 14.62 1.48 4.88Advanced Petrochemical 243.1 1.5 186.6 1.1 -23.30% 10.22 2.82 6.76Alujain Corporation 50.2 0.73 37.8 0.5 -24.80% 8.41 0.88 -National Petrochemical 305.4 0.64 208.6 0.43 -31.70% 9.41 1.32 -SIIG 339.1 0.75 216 0.48 -36.30% 10.86 0.85 -Saudi Arabia Fertilizers 595.8 1.43 299 0.72 -49.70% 16.64 3.99 7.1SIPCHEM 110.1 0.3 26 0.07 -76.40% 26.93 0.82 -Rabigh Refining 504.9 0.58 103.2 0.12 -79.60% - 1.17 -National Industrialization -107.7 - 103.9 0.16 - - 1.09 -Saudi Kayan -13.4 - 91 0.06 - - 0.79 -Methanol Chemicals -21.6 - -3.6 - - - 0.59 -Nama Chemicals Co. 6.5 0.05 -33.2 - - - 0.72 -Total 8,421.90 0.91 6,761.00 0.73 -19.70% 23.76 1.34 5.19


Petrochemical Sector

3,000

3,500

4,000

4,500

5,000

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Petrochemicals Sector

-30%

-20%

-10%

0%

10%

20%

30%

40%

SAFC

O Nam

a

Petro

Rab

igh

SIPC

HEM

Met

hano

l

Aluj

ain

Nat

iona

l

Saud

i Kay

an

SIIG

SABI

C

Saha

ra

Adva

nced

TASN

EE

Yanb

u

% YTD 2016 Petrochemical Sector

3.1% YTD

7




The Cement sector’s net profit decreased 21.2% YoY to SAR 1,314.7mn in 2Q2016 from SAR 1,668.8mn in 2Q2015. The sector’s EPS stood at SAR 0.71

per share.

All of the 14 companies in this sector registered a decline in profit. Najran Cement Company’s profit (down 56.8% YoY) declined the most, followed by

Eastern Province Cement (down 46.1% YoY). Sector heavyweight Southern Province Cement’s profit declined 0.9%YoY.

Currently, 8 cement companies feature among the top 15 companies by dividend yield in the Saudi market, led by Najran Cement Company (9.8%) and

City Cement Company (9.7%); these companies offer an attractive proposition for investors.

Key factors that affected the net profit of some companies in the sector during 2Q2016 were:

h Arabian Cement: The company’s net profit decreased 11.8% YoY to SAR 142.8mn in 2Q2016 due to a 18.6% decline in revenue to SAR 363.3mn compared with SAR 446.6mn in 2Q2015.

h City Cement: City Cement’s net profit declined 5.0% YoY to SAR 64.9mn in 2Q2016 due to an increase in cost of sales and zakat provisions.

h Hail Cement: The company’s net profit fell 3.5% YoY to SAR 27.6mn in 2Q2016 on reduced demand due to adverse market conditions.

h Qassim Cement: Qassim Cement’s net profit decreased 31.4% YoY to SAR 115.3mn in 2Q2016 due to a decline in sales on lower demand. Moreover, the profit dropped due to an increase in cost of sales on gains on power and fuel prices.

h Saudi Cement: The company’s net profit fell 1.9% YoY to SAR 249.0mn in 2Q2016 on a decline in sales, an increase in cost of sales due to higher energy prices, and a decrease in other income.

h Tabuk Cement: Tabuk Cement’s net profit dropped 21.2% YoY to SAR 21.2mn in 2Q2016 due to a decrease in average sales price and other income.

h Yamama Cement: The company’s net profit fell 39.3% YoY to SAR 116.3mn in 2Q2016 due to gains in cost of sales and energy prices, along with a rise in depreciation of fixed assets.

Company Name

2Q2015 2Q2016

YoY Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X)

D/Y (%)*

Southern Province 270.4 1.93 268 1.91 -0.90% 9.64 3.36 6.9Saudi Cement Co. 253.8 1.66 249 1.63 -1.90% 10.53 3.09 8.91Hail Cement Co. 28.6 0.29 27.6 0.28 -3.50% 11.23 1.17 4.02City Cement Co. 68.3 0.36 64.9 0.34 -5.00% 11.93 1.39 9.68Arabian Cement Co. 161.9 1.62 142.8 1.43 -11.80% 7.57 1.36 8.64Al Jouf Cement Co. 26.8 0.21 22.7 0.17 -15.20% 15.41 0.72 -Tabuk Cement Co. 26.9 0.3 21.2 0.24 -21.20% 16.04 0.98 6.72Northern Region 64 0.36 48.7 0.27 -24.00% 12.01 1.11 8.16The Qassim Cement 168.1 1.87 115.3 1.28 -31.40% 10.99 2.99 8.1Yanbu Cement Co. 245.5 1.56 159 1.01 -35.20% 8.94 1.6 5.05Yamamah Saudi 191.5 0.95 116.3 0.57 -39.30% 8.66 1.27 4.32Eastern Province 92.8 1.08 50 0.58 -46.10% 8.15 1.07 9.03Najran Cement 77.8 0.46 33.6 0.2 -56.80% 11.58 0.99 9.76Umm Al-Qura Cement -7.6 - -4.4 - - - 2.37 -

Total 1,668.80 0.91 1,314.70 0.71 -21.20% 9.9 1.61 9.16Source: Tadawul, Bloomberg, AlJazira Capital

Cement Sector

3,000

3,500

4,000

4,500

5,000

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Cement Sector

-30% -25% -20% -15% -10%

-5% 0% 5%

10%

Yam

amah

Qas

sim

Umm

Al

Al J

ouf

Nor

ther

n

Naj

ran Hai

l

East

ern

Yanb

u

Tabu

k

Saud

i

Arab

ian

City

Sout

hern

YTD 2016 Cement Sector

-10.1% YTD

8




Saudi Arabia’s Retail sector recorded a 9.3% YoY decline in net profit in 2Q2016. Net profit fell to SAR 787.4mn in 2Q2016 from SAR 868.5mn in 2Q2015.

The sector’s EPS stood at SAR 0.74 per share.

Heavyweight Jarir dominated the sector earnings although the net profit was down 17.0% YoY to SAR 128.5mn in 2Q2016. However, another heavyweight

Fawaz Abdulaziz AlHokair Company’s net profit rose 0.9% YoY to SAR 212.6mn in 2Q2016. Dallah Healthcare Holding Company reported the highest YoY

growth in earnings at SAR 54.4mn in 2Q2016.

In terms of dividend yield, Aldrees Petroleum & Transport Services Co. topped the sector with a 6.1% yield.

The following factors affected the net profit of some of the companies in the sector during 2Q2016:

h Aldrees: Aldrees’ net income decreased 21.2% YoY to SAR 29.0mn in 2Q2016 due to a fall in sales of the transportation division, an increase in cost of sales owing to a rise in energy prices, and gains in financial and marketing expenses.

h Al Othaim: The company’s net income declined 9.6% YoY to SAR 50.3mn in 2Q2016 on gains in selling & general and general & administrative expenses due to the expansion of branches, and an increase in electricity and transportation costs.

h Dallah Healthcare: Dallah Healthcare’s net income rose 51.7% YoY to SAR 54.4mn in 2Q2016, led by an increase in sales volume, rise in the number of inpatients and outpatients, and enhancements in some contractual services.

h Mouwasat Medical: The company’s net income increased 11.1% YoY to SAR 62.3mn in 2Q2016, driven by revenue growth due to increased contribution from the Riyadh branch, continued efficient operation of available resources, continuous development in medical systems, and expansion in sub-specialty clinics operations.

h Jarir: Jarir’s net income declined 17.0% YoY to SAR 128.5mn in 2Q2016 due to a decrease in sales of most sections, increase in selling & distribution and general & administrative expenses, and a fall in wholesale products.

Company Name

2Q2015 2Q2016YoY

Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X)

D/Y (%)*

Dallah Healthcare 35.9 0.61 54.4 0.92 51.70% 26.35 3.43 1.78

National Medical Care 42.3 0.94 57.9 1.29 36.90% 19.7 3.22 1.12

Saudi Automotive 3.7 0.07 4.4 0.08 19.00% 47.58 1.16 3.18

Mouwasat Medical 56.1 1.12 62.3 1.25 11.10% 29.44 5.62 1.47

United Electronics Co. 11.8 0.33 12.2 0.34 2.70% - 1.97 -

Saudi Co.for Hardware 35.9 1.49 36.3 1.51 1.20% 17.3 4.31 1.72

AlHokair Co. * 210.8 1 212.6 1.01 0.90% 14.32 3.4 -

Abdullah Al Othaim 55.7 1.24 50.3 1.12 -9.60% 20.17 4.25 2

Lazurde Co. 22.5 0.52 21.4 0.5 -5.10% - 2.89 -

Middle East Healthcare 91.8 1 77 0.84 -16.10% 16.65 4.61 2.95

Jarir Marketing Co. 154.9 1.72 128.5 1.43 -17.00% 12.78 6.32 4.83

Saudi Marketing Co. 32.8 0.73 27.2 0.6 -17.20% 17.79 2.89 -

National Agriculture 2.5 0.25 2 0.2 -18.10% 41.05 2.92 -

Aldrees Co. 36.8 0.92 29 0.7 -21.10% 10 2.21 6.13

Al Hammadi 36.9 0.31 20.9 0.17 -43.30% 43.31 3.26 1.96

Alkhaleej Co. 16.7 0.42 -4 - - 21.97 1.75 4.29

Fitaihi Holding Group 21.5 0.4 -5 - - - 1.24 -

Total 868.5 0.82 787.4 0.74 -9.30% 16.73 3.47 3.84Source: Tadawul, Bloomberg, AlJazira Capital. * Year Ends March 2016

Retail Sector

8,000

9,000

10,000

11,000

12,000

13,000

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Retail Sector

-50%

-30%

-10%

10%

30%

AlH

okai

r Ja

rir

Ext

ra

Alk

hale

ej

SA

SC

O

Ald

rees

A

l Ham

mad

i TH

IMA

R

Sau

di M

arke

ting

Sau

di C

ompa

ny

Fita

ihi H

oldi

ng

Mou

was

at

Al O

thai

m

Dal

lah

C

are

Lazu

rde

Sau

di G

erm

an

YTD 2016 Retail Sector

-21.7% YTD

9




Net earnings of Saudi Arabia’s Agriculture and Food sector decreased 6.5% YoY to SAR 1,245.0mn in 2Q2016 from SAR 1,332.1mn in 2Q2015. The sector’s EPS stood at SAR 0.66 per share.

The sector’s weak performance was due to the decline in the net profit of index heavyweights Savola Group (down 43.2% YoY) and Saudi Airlines Catering Company (down 17.5% YoY). This decline in the sector’s net earnings was partially offset by stable YoY performance of another major player Almarai Co. (up 18.5% YoY).

Saudi Airlines Catering Co. had the highest dividend yield (8.0%) in the sector.

The following factors affected the net profit of some companies in the sector during 2Q2016:

h Almarai: Almarai’s net profit rose 18.5% YoY to SAR 628.8mn in 2Q2016, driven by 10.3% YoY sales growth due to 16.2% YoY, 20.1% YoY, and 9.5% YoY gains in sales of the Bakery, Poultry, and Dairy & Juice segments, respectively; a 14.6% YoY rise in gross profit due to slower growth in cost of sales; and the favorable impact of the net evaluation of share of results of associates and joint ventures, others expenses, finance cost, zakat, foreign income tax, and non-controlling interest.

h Saudi Airlines Catering: The company’s net income decreased 17.5% YoY to SAR 145.1mn in 2Q2016 due to high amount of provision releases in 2015, a 3% fall in inflight revenue owing to the end of an export sale, and an 11.1% drop in non-airline revenue.

h SADAFCO: SADAFCO’s net profit surged 47.4% YoY to SAR 86.2mn in 2Q2016, led by a fall in raw material costs, (which led to a 42.3% increase in gross profit) and better cost management (which resulted in just 0.4% gain in expenses compared with that in 2Q2015).

h Savola: The company’s net profit decreased 43.2% YoY to SAR 246.7mn in 2Q2016, mainly due to a rise in operating expenses on the opening of new stores and distribution centers, increased financial charges, and higher losses in United Sugar Company of Egypt.

Company Name

2Q2015 2Q2016YoY

Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y(%)*

Qassim Agriculture Co. 0.5 0.01 1.3 0.03 179.50% 16.56 1.43 -SADAFCO 58.5 1.8 86.2 2.65 47.40% 18.96 4.52 2.63Wafrah for Industry 0.5 0.03 0.7 0.04 40.40% - 2.59 -Halwani Bros 23.1 0.81 31.3 1.1 35.70% 14.14 2.65 4.55Almarai Company 530.4 0.67 628.8 0.79 18.50% 22.57 3.75 1.51Al-Jouf Agriculture 20.2 0.67 22.3 0.74 10.60% 9.47 1.1 3.32Herfy Food Services 46.3 1 49.7 1.08 7.40% 15.92 4.14 4.24NADEC 35.1 0.42 37.1 0.44 5.60% 12.65 1.3 4.28Jazan Development 3.5 0.07 3.6 0.07 1.90% 24.83 0.92 -Anaam International 6.8 0.3 6.3 0.3 -7.90% 16.62 1.9 -Saudi Airlines Catering 175.8 2.14 145.1 1.77 -17.50% 11.13 5.48 8.02Savola Group 434.4 0.81 246.7 0.46 -43.20% 13.68 1.81 2.92SHADCO 7 0.93 -0.4 - - - 4.4 -Tabuk Agriculture 0.2 0 -4.2 - - - 1.19 3.13Saudi Fisheries Co. -9.8 - -9.2 - - - 3.58 -Bishah Agriculture -0.3 - -0.3 - - - - -Total 1,332.10 0.71 1,245.00 0.66 -6.50% 17.12 2.43 3.37


Agriculture & Food Industries Sector

5,500

6,500

7,500

8,500

9,500

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Agri & Food Sector

-50%

-25%

0%

25%

50%

Jaza

n De

pt.

Savo

la

Ash-

Shar

qiya

h H

erfy

Foo

d Sa

udi A

irlin

es C

at.

NAD

EC

Hal

wani

Bro

s Sa

udi F

isher

ies

Anaa

m

Qas

sim A

gri

Al-J

ouf A

gri

Alm

arai

W

afra

h fo

r Ind

ustry

and

Bi

shah

Agr

i Ta

buk

Agri

SADA

FCO

YTD 2016 Agriculture & Food Industries Sector

-18.4% YTD

10




Net earnings of Saudi Arabia’s Telecom sector rose 5.2% YoY to SAR 1,489.5mn in 2Q2016 from

SAR 1,416.1mn in 2Q2015. The sector’s EPS stood at SAR 0.42 per share. Mobile Telecomm Co.

was the worst performer during the quarter, reporting a net loss of SAR 329.0mn in 2Q2016.

Key factors that affected the net profit of major companies in the sector during 2Q2016 were:

h Etihad Etisalat: The company posted a net profit of SAR 18.8mn in 2Q2016 compared with a loss of SAR 900.9mn in 2Q2015, largely led by an increase in gross profit due to the company’s efforts to optimize its cost, despite a SAR 82.5mn gain in financial charges.

h Mobile Telecommunications: The company’s net loss increased to SAR 329.0mn in 2Q2016 from a loss of SAR 201.0 in 2Q2015, mainly due to spending on network infrastructure, new biometric fingerprint identification regulations, and a rise in the cost of financing.

h Saudi Telecom: Saudi Telecom’s net profit decreased 27.1% YoY to SAR 1,865.0mn in 2Q2016 due to a SAR 563.0mn increase in operating expenses and a SAR 141.0mn YoY rise in sales and marketing expenses in 2Q2016.

Company Name

2Q2015 2Q2016YoY

Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y (%)*

Saudi Telecom 2,558.30 1.28 1,865.00 0.93 -27.10% 14.34 2.03 6.61Mobile Telecom -201.2 - -329 - - - 0.95 -Etihad Atheeb -40.2 - -65.4 - - - 1.1 -Etihad Etisalat Co -900.9 - 18.8 0.02 - - 1.19 -

Total 1,416.10 0.4 1,489.50 0.42 5.20% 53.5 1.57 3.95Source: Tadawul, Bloomberg, AlJazira Capital

Telecom.& I T Sector

1,200

1,300

1,400

1,500

1,600

1,700

1,800

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Telecom & IT Sector

-30% -25% -20% -15% -10%

-5% 0%

Athe

eb T

elec

om

Mob

ile T

elec

om

Mob

ily

STC

YTD 2016 Telecom.& I T Sector

-13.1% YTD

11




The Insurance sector’s net profit increased 64.9% YoY to SAR 476.8mn in 2Q2016 from SAR 289.2mn in 2Q2015. The sector posted a EPS of SAR 0.37 per

share during the quarter.

Sector heavyweights, Bupa Arabia for Cooperative Insurance’s net profit declined 8.0% YoY to SAR104.2mn in 2Q2016 from SAR 113.2mn in 2Q2015,

while The Company for Cooperative Insurance (TAWUNIYA) reported a net profit of SAR 243.9mn in 2Q2016. With 18 of the 35 companies in the sector

reporting gains, the sector’s overall performance was very strong.

In terms of YoY gain in net profit, Saudi Indian Company for Co- operative Insurance (up 462.5% YoY), Al Sagr Co-operative Insurance Co (up 356.7% YoY),

Arabia Insurance Cooperative Company (328.3% YoY), Arabian Shield Cooperative Insurance Company (up 288.5% YoY), and Saudi Arabian Cooperative

Insurance Company (up 163.4% YoY) were the best performers .

The following factors led to YoY fluctuations in the net profit of some of the companies in the sector during 2Q2016:

h Tawuniya: Tawuniya’s net profit surged 11.0% YoY to SAR 243.9mn in 2Q2016, driven by insurance operation surplus, which grew 96.4% due to a 28.0% increase in insurance operation revenue.

h Bupa Arabia: The company’s net profit declined 8.0% YoY to SAR 104.2mn in 2Q2016 due to higher bad debt provision expense and an increase in operational expenses.

Company Name

2Q2015 2Q2016YoY

Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y(%)*

Saudi Indian Company 0.8 0.04 4.5 0.22 462.50% - 3.56 -Al Sagr Co-op Ins 12.7 0.5 58 2.3 356.70% 7.33 2.44 -Arabia Insurance Coo 0.5 0.01 2.1 0.1 328.30% - 1.53 -Arabian Shield Co-op 2.6 0.1 10.1 0.5 288.50% 13.21 1.64 -Saudi Arabian Co-op 8.2 0.33 21.6 0.86 163.40% 10.9 1.72 -United Cooperative 17.5 0.4 43.2 0.88 147.50% - 2.02 -Buruj Co-op Ins 14.4 0.6 22.6 0.9 56.90% 14.08 1.96 -Al-Rajhi Company 15.8 0.4 24.4 0.6 54.40% 22.84 2.68 -Salama Cooperative 2 0.08 3 0.12 50.00% 811.59 1.8 -Ace Arabia 8.2 0.8 11.8 1.2 43.90% 25.53 1.94 -Allied Cooperative Ins 3.2 0.16 4.4 0.2 39.70% 27.95 2.64 -Al Alamiya 9.8 0.24 13.5 0.3 38.10% 28.81 3.8 -Solidarity Saudi 7.3 0.13 9.5 0.17 29.30% 35.96 2.52 -Aljazira Takaful 5.1 0.1 6.3 0.2 23.50% 48.4 2.68 1.79AXA Cooperative 8.3 0.18 9.5 0.21 15.40% 21.73 1.47 -TAWUNIYA 219.7 2.2 243.9 2.44 11.00% 16.94 4.19 1.06Allianz Saudi Fransi 5.7 0.29 6.3 0.3 10.40% 25.71 3.13 -Alahli Takaful Co. 8.7 0.5 9.3 0.6 6.90% 23.74 3.01 1.39Bupa Arabia 113.2 1.4 104.2 1.3 -8.00% 16.67 6.36 1.47Sanad Insurance 3.7 0.19 2.6 0.13 -29.70% - 10.12 -SABB Takaful 4.1 0.12 2.8 0.08 -31.70% 180.77 2.24 -Trade Union Co-op Ins 20.4 0.74 6.1 0.22 -70.00% 39.59 1.61 -Amana Cooperative 1.8 0.06 -8.6 - - 14.87 2.71 -Gulf General Co-op -5.8 - 11.6 0.6 - - 1.86 -Wataniya Insurance -3 - 4.2 0.42 - - 7.79 -MEDGULF -135.7 - -19.7 - - - 2.28 -Malath Co-op Ins 3.7 0.12 -129.6 - - 107.91 1.55 -Saudi Re 22.6 0.23 -8.9 - - - 0.77 -Al-Ahlia Insurance Co. -15.9 - -5 - - - 2.16 -Saudi Enaya -10.1 - -5.5 - - - 2.36 -Alinma Tokio Marine -9.1 - -10.8 - - - 2.79 -Gulf Union Co-op Ins -2.8 - 6.4 0.3 - 23.97 2.04 -Saudi United -40.4 - 30.6 0.76 - 13.98 1.85 -Weqaya Takaful - - - - - 3.81 - -MetLife AIG ANB -7.9 - -7.6 - - - 2.82 -Total 289.2 0.22 476.8 0.37 64.90% 28.44 3.16 0.75


Insurance Sector

800

900

1,000

1,100

1,200

1,300

1,400

Dec

-15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Insurance Sector

-60% -50% -40% -30% -20% -10%

0%

Wat

aniy

a In

sura

nce

Al A

lam

iya

Insu

ranc

e M

alat

h M

etLi

fe

Enay

a In

sura

nce

Trad

e U

nion

SA

BB T

akaf

ul

ACE

Insu

ranc

e M

edgu

lf G

ulf G

ener

al

Allia

nz

Alin

ma

Toki

o

ALAH

LI T

AKAF

UL

Alja

zira

Tak

aful

R

eins

uran

ce

Arab

ian

Shie

ld

-20% -10%

0% 10% 20% 30% 40% 50% 60%

ACIG

AXA

Insu

ranc

e

SAIC

O

SALA

MA

Gul

f Uni

on

Weq

aya

Sana

d In

sura

nce

Al-A

hlia

Al-R

ajhi

Insu

ranc

e

Unite

d As

sur.

BURU

J In

sura

nce

Bupa

Insu

ranc

e

Coo

pera

tive

Insu

ranc

e

Aman

a

Arab

ia

Solid

arity

Tak

aful

WAF

A In

sura

nce

WAL

AA

Al S

agr I

nsur

ance

% YTD 2016 Insurance Sector

% YTD 2016 Insurance Sector

3.5% YTD

12




The net earnings of Saudi Arabia’s Hotel and Tourism sector declined 26.8% YoY to SAR 348.9mn in 2Q2016 from SAR 476.8mn in 2Q2015. The sector’s EPS was SAR 0.93 per share.

The sector’s earnings were impacted by Al-Tayyar Travel Group’s net profit, which fell 24.2% YoY to SAR 300.0mn.

Dur Hospitality Co had a highest dividend yield of 6.0%.

Tourism Enterprise Co. registered the sector’s highest P/B ratio at 3.4x, followed by Alhokair at 2.5x.

Company Name

2Q2015 2Q2016

YoY Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y (%)*

Dur Hospitality Co. 36.6 0.37 29.2 0.29 -20.30% 18.54 1.29 5.96Al-Tayyar 395.5 1.9 300 1.43 -24.20% 7.36 1.43 -Tourism Enterprise 1.6 0.16 0.9 0.09 -44.50% 244.15 3.4 -Alhokair 43.1 0.78 18.8 0.34 -56.40% 12.71 2.47 3.57Total 476.8 1.27 348.9 0.93 -26.80% 7.91 1.37 1.86


Hotel & Tourism Sector

-60%

-40%

-20%

0%

Al-Tayyar Al-Hokair

Tourism Entp

Dur Hospitality

Co.

5,000

10,000

15,000

20,000

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Hotel & Tourism

% YTD 2016 Hotel & Tourism Sector

-46.0% YTD

Saudi Arabia’s Energy & Utilities sector’s net profit declined 27.5% YoY to SAR 1,448.5mn in 2Q2016 FROM SAR 1,998.1mn in 2Q2015. The sector’s EPS was SAR 0.34 per share.

Dividend yield for SEC and National Gas was 3.7% and 4.4% respectively.

National Gas and Industrialization Co.’s net profit declined 18.0% YoY to SAR 22.5mn in 2Q2016, primarily due to a fall in gross profit on a rise in salaries and wages, and an increase in energy, depreciation, and general & administrative expenses.

Company Name

2Q2015 2Q2016YoY

Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X)

D/Y (%)*

National Gas & Indus. 27.4 0.37 22.5 0.3 -18.00% 13.99 1.88 4.43Saudi Electricity Co. 1,970.60 0.47 1,426.00 0.34 -27.60% 49.97 1.32 3.74

Total 1,998.10 0.47 1,448.50 0.34 -27.50% 39.95 1.36 3.86Source: Tadawul website, AlJazira Capital

Energy & Utilities Sector

4,500 5,000 5,500 6,000 6,500 7,000 7,500

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Energy & Utility Sector

GASCO Saudi Electricity 0%

5%

10%

15%

20% % YTD 2016 Energy & Utilities Sector

17.5% YTD

13




The net earnings of Saudi Arabia’s Industrial Investment sector declined 46.3% YoY to SAR 445.8mn in 2Q2016 from SAR 829.8mn in 2Q2015. The sector’s

EPS for the quarter was SAR 0.24 per share.

The sector was impacted by index heavyweight Saudi Arabian Mining Company’s net profit, which declined 50.9% YoY to SAR 132.5 in 2Q2016 from

SAR 270.0mn in 2Q2105.

Saudi Chemical Company had the sector’s highest dividend yield at 9.3%.


h Al Abdullatif Industrial Investment Co.: The company’s net profit fell 77.5% YoY to SAR 12.2mn in 2Q2016 due to a decline in sales, rise in cost of sales, and an increase in general & administrative expenses.

h MAADEN: MAADEN’s net profit dropped 51.0% YoY to SAR 132.5mn in 2Q2016 due to a 15% decline in sales on lower basic materials prices such as ammonium phosphate, ammonia, and aluminum.

h Saudi Chemical: The company’s net profit fell 38.9% YoY to SAR 47.7mn in 2Q2016, led by a decrease in sales and an increase in expenses due to one of the subsidiaries having a plant in the pre-operating stage, and higher financial expenses and zakat provision.

h Saudi Paper: Saudi Paper incurred a net loss of SAR 6.1mn in 2Q2016, mainly due to a decrease in sales and an increase in financial charges.

Company Name

2Q2015 2Q2016

YoY Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y(%)*

Middle East Paper Co. 19.6 0.39 85.6 1.71 336.80% 8.56 1.42 2.62Basic Chemical 7.3 0.27 11.6 0.42 58.80% 19.67 1.9 3.03MAADANIYAH 9.4 0.34 12 0.43 26.90% 22.88 1.73 1.97Astra Industrial Group 20.1 0.27 22.2 0.28 10.40% - 0.75 -FIPCO 5.5 0.48 3.7 0.33 -32.20% 39.45 2.82 -The National Glass 16.6 0.55 11.2 0.37 -32.60% 19.05 1.08 7.01Saudi Chemical Co. 78.1 1.23 47.7 0.75 -38.90% 14.47 1.78 9.3Shaker 82 1.3 47.7 0.76 -41.80% 13.25 1.26 -Takween Advanced 28 0.8 15.1 0.43 -46.20% - 1.79 -Saudi Arabian Mining 270 0.23 132.5 0.11 -50.90% 110.71 1.52 -Alabdulllatif 54.3 0.67 12.2 0.15 -77.50% 20.76 1.1 3.54Saudi Pharmaceutical 237.6 1.98 51.6 0.43 -78.30% 24.05 1.56 2.81Saudi Industrial Export 0.8 0.07 -0.4 - - - 3.78 -Saudi Paper -3.4 - -6.1 - - - 1.02 -Al Sorayai 3.9 0.1 -0.8 - - - 0.93 -Total 829.8 0.45 445.8 0.24 -46.30% 52.22 1.48 1.87

Source: Tadawul website, AlJazira Capital

Industrial Investment Sector

4,500

5,000

5,500

6,000

6,500

7,000

7,500

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Industrial Investment Sector

-60%

-30%

0%

30%

60%

90%

AlAb

dulla

tif

Takw

een

Saud

i Pap

er

AlSo

raya

i

Mid

dle

East

Pap

er C

o.

Saud

i Che

mic

al

Shak

er

Zouj

aj

Astra

Indu

stria

l

Maa

dani

yah

SPIM

ACO

SIEC

O

Maa

den

FIPC

O

Basic

Che

mic

al

% YTD 2016 Industrial Investment Sector

-3.0% YTD

14




Saudi Arabia’s Building & Construction sector’s net profit declined 7.4% YoY to SAR 347.8mn in 2Q2016 from SAR 375.8mn in 2Q2015. The sector’s EPS

for the quarter stood at SAR 0.34 per share.

Of the 17 companies in the sector, just 5 reported a YoY gain in net profit in 2Q2016, with index heavyweights Saudi Arabian Amiantit Co. and Zamil

Industrial Investment Co. reporting a decline of 87.2% YoY and 31.7% YoY, respectively.

Saudi Arabian Amiantit Co. had the sector’s highest dividend yield at 8.6%.

The following factors affected the net profit of some companies in the sector:

h National Gypsum: National Gypsum’s net profit decreased 80.1% YoY to SAR 2.2mn in 2Q2016 due to lower other revenue.

h Saudi Ceramic: The company’s net profit fell 65.1% YoY to SAR 28.3mn in 2Q2016, primarily due to a decrease in sales on reduced demand,

lower selling price, and an increase in finance cost and zakat provision.

h United Wire Factories Co.: The company’s net profit increased 54.8% YoY to SAR 38.6mn in 2Q2016 from SAR 24.9mn, driven by a decrease in

cost of goods sold and a gain in gross profit.

h Zamil: Zamil’s net profit decreased 31.7% YoY to SAR 50.8mn in 2Q2016 due to lower sales of core products, an increase in financial charges

and zakat, and reduction in other income.

Company Name

2Q2015 2Q2016

YoY Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X)

D/Y (%)*

Bawan Company 23.8 0.4 53.4 0.89 124.30% 11.61 1.78 6.91Red Sea Housing 17 0.28 31.5 0.53 85.10% 17.39 1.6 2.81United Wire Factories 24.9 0.57 38.6 0.88 54.80% 13.4 2.36 7.35Al Yamamah Steel 54.4 1.07 66.4 1.31 22.10% - - 4.29Al-Babtain 39.6 0.93 40.9 0.96 3.40% 7.81 1.62 7.17Saudi vitrified clay Co. 32.8 2.19 23.9 1.59 -27.10% 12.6 4.76 6.9Zamil Industrial 74.4 1.24 50.8 0.85 -31.70% 7.36 0.83 7.49SIDC 12.5 0.31 7.7 0.19 -38.60% - 1.21 -Electric Industries Co 20 0.44 10.5 0.23 -47.50% 25.35 1.73 2.11Saudi Ceramic Co. 81.2 1.62 28.3 0.57 -65.10% 8.86 0.92 5.8Saudi Steel Pipe Co. 23.5 0.46 5.9 0.12 -74.90% 41.74 1.11 -National Gypsum Co. 10.8 0.34 2.2 0.07 -80.10% 34.93 0.88 4.8Saudi Arabian Amiantit 26 0.23 3.3 0.03 -87.20% 33.22 0.61 8.55Al-Khodari 34.9 0.63 -43.3 - - - 0.68 -Saudi Cable Co 0.9 0.01 -18.2 - - - 1.2 -Arabian Pipes Co. -8.4 - 11.2 0.28 - - 1.01 -MESC -10.4 - 76.9 1.28 - 42.3 1.24 -Mohammad Al Mojil -82 - -42 - - - - -Total 375.8 0.37 347.8 0.34 -7.40% 19.38 1.37 4.64


Building & Construction Sector

1,500

1,700

1,900

2,100

2,300

2,500

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

B&C Sector

-40%

-20%

0%

20%

40%

Al-K

hoda

ri EI

C

Saud

i Cer

amic

G

ypsu

m

Saud

i Ste

el P

ipe

SID

C

Saud

i Cab

le

Zam

il M

ESC

Am

iant

it AL

-BAB

TAIN

Vi

trifie

d cl

ay

Baw

an

Al M

ojil

Red

Sea

Pi

pes

ASLA

K Ya

mam

ah S

teel

% YTD 2016 Building & Construction Sector

-11.5% YTD

15




The Transport sector’s net profit rose 29.8% YoY to SAR 772.7mn in 2Q2016 from SAR

595.5mn in 2Q2015. The sector’s EPS stood at SAR 0.98 per share.

Of the 5 companies, 4 registered growth in net earnings, with The National Shipping

Co. of Saudi Arabia (up 47.2% YoY) gaining the most. It was followed by Saudi Ground

Services Co. (up 13.0% YoY) and Saudi Public Transport Co. (up 10.9% YoY).

Saudi Ground Services Co. had the sector’s highest dividend yield at 5.6%.

h National Shipping Co.: The company’s net profit surged 47.2% YoY to SAR

504.2mn in 2Q2016, led by an increase in operating revenue due to buying and

receiving of several oil tankers, a rise in average time charter equivalent rate for

crude oil transportation, and a decrease in average bunker expenses.

Company Name

2Q2015 2Q2016YoY

Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y (%)*

National Shipping Co. 342.5 0.87 504.2 1.28 47.20% 7.01 1.56 2.56Saudi Ground Services 174.3 0.93 197 1.05 13.00% 11.97 3.11 5.62Saudi Public Transport 12.8 0.1 14.2 0.11 10.90% 19.78 1.13 3.72Budget Saudi 45.6 0.75 46.7 0.76 2.30% 10.12 2.07 3.87MUBARRAD 20.3 1.13 10.7 0.6 -47.10% 21.91 4.21 -Total 595.5 0.76 772.7 0.98 29.80% 8.95 1.77 5.29

Source: Tadawul website, AlJazira Capital،

Transport Sector

-30%

-15%

0%

15%

SAPT

CO

Bahr

i

Budg

et S

audi

Mub

arra

d

Saud

i Gro

und

Serv

ices

Co.

% YTD 2016 Transport Sector

5,500 6,000 6,500 7,000 7,500 8,000 8,500

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Transport Sector

-12.2% YTD

The net earnings of Saudi Arabia’s Multi-investment sector declined 40.3% YoY to

SAR 228.5mn in 2Q2016 from SAR 382.9mn in 2Q2015. The sector’s EPS stood at SAR

0.06 per share in 2Q2016.

Saudi Advanced Industries Co. reported the highest earnings growth of 37.2%

whereas Kingdom Holding Co.’s net profit declined 22.0% YoY.

Aseer Trading, Tourism & Manufacturing Co. had the sector’s highest dividend yield

at 6.5%.

Company Name

2Q2015 2Q2016

YoY Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y (%)*

SAIC 7.3 0.15 10 0.2 37.20% - 0.77 -SISCO 25.2 0.37 29.4 0.43 16.60% 9.54 0.96 3.6AlBaha Investment 0 0 0 0 - - - -Kingdom Holding Co. 238.3 0.06 185.8 0.05 -22.00% 64.95 1.54 4.5Aseer Trading, 64.9 0.51 15.1 0.12 -76.70% - 0.76 6.5SARCO 16.9 1.13 -0.2 - - - 1.82 1.5Al-Ahsa Development 30.3 0.54 -11.6 - - - 1.07 2.7Total 382.9 0.10 228.5 0.06 -40.30% 56.42 1.14 3.56


Multi-Investment Sector

2,000

2,500

3,000

3,500

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Multi-investment Sector

-40%

-30%

-20%

-10%

0%

Asee

r

King

dom

Hol

ding

SARC

O

SAIC

Al-A

hsa

SISC

O

Al-B

aha

% YTD 2016 Multi-Investment Sector

-24.3% YTD

16




The net profit of Saudi Arabia’s Real Estate Development sector rose 19.7% YoY to SAR 367.5mn in 2Q2016 from SAR 306.9mn in 2Q2015. The sector’s

EPS for the quarter was SAR 0.11 per share.

Arriyadh Development Co.(up 87.6% YoY), Emaar The Economic City (up 56.9% YoY), Taiba Holding Co. (up 20.2% YoY), and Alandalus Property Co. (up

0.5% YoY) led the gain in the sector’s net profit.

Saudi Real Estate Co. had the sector’s highest dividend yield at 4.9%.

The following factors affected the net profit of some companies in the sector during 2Q2016:

h Alandalus Property Co.: The company’s net profit rose 0.5% YoY to SAR 24.8mn in 2Q2016 from SAR 24.7mn in 2Q2015, led by an increase in other revenue and a decrease in financing cost and zakat provision.

h Knowledge Economic City: The company reported a net profit of SAR 0.2mn in 2Q2015, driven by higher revenue from the sale of land and increased income from Murabaha with local banks.

h Saudi Real Estate: Saudi Real Estate’s net profit declined 48.3% YoY to SAR 19.0mn in 2Q2016 from SAR 36.7mn due to an increase in financial expenses and recognizing a provision of SAR 3.1mn due to decrease in its investment in Arabian United Float Glass Company.

Company Name

2Q2015 2Q2016

YoY Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y(%)*

Arriyadh Development 70.8 0.53 132.8 1 87.60% 8.49 1.5 2.31Emaar 50.4 0.06 79 0.09 56.90% 54.77 1.44 -Taiba Holding Co. 57 0.38 68.5 0.46 20.20% 17.49 1.41 3.49Alandalus Property Co. 24.7 0.35 24.8 0.35 0.50% 14.44 1.52 2.56Dar Alarkan 70.5 0.07 43.2 0.04 -38.70% 26.89 0.36 -Saudi Real Estate Co. 36.7 0.31 19 0.16 -48.30% 21.73 0.72 4.88Makkah Construction * - - - - - 46.34 1.79 2.82Jabal Omar ** - - - - - - 6.38 -Knowledge Economic -3.1 - 0.2 0 - - 1.53 -Total 262.1 0.07 433.2 0.11 19.70% 68.05 1.69 1.00


*Result for first quarter, ** Result For third quarter

Real Estate Development Sector

-15%

0%

15%

30%

SR

EC

O

KE

C

Taib

a

Mak

kah

Con

stru

ctio

n

Dar

Al A

rkan

Em

aar E

C

Jaba

l Om

ar

Arr

iyad

h

Ala

ndal

us

Prop

erty

Co.

% YTD 2016 Real Estate Development Sector

4,000

4,500

5,000

5,500

6,000

6,500

7,000

Dec-

15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Real Estate

7.5% YTD

17




Saudi Arabia’s Media & Publishing sector recorded loss of SAR 61.2mn in 2Q2016,as compared

to profit of SAR 34.4mn in 2Q2015

The sector’s EPS for the quarter stood at SAR -0.39 per share.

Tihama Advertising had the highest P/B ratio of 4.0x, followed by Saudi Research at 3.1x and

Saudi Printing at 1.1x.


h Saudi Printing and Packaging Co.: The company’s net profit declined 98.2% YoY to SAR 0.5mn in 2Q2016, led by a decrease in gross profit (which was ascribed to a fall in sales due to adverse economic conditions in some overseas markets), lower selling prices due to fall in international oil prices, and an increase in provision and general & administrative expenses.

h Saudi Research and Marketing Group: The company reported a net loss of SAR 51.5mn in 2Q2106 due to a 15.4% decline in revenue, and a rise in selling and marketing expenses.

Company Name

2Q2015 2Q2016

YoY Change%

2Q2016

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y (%)*

Saudi Printing 28.2 0.47 0.5 0.01 -98.20% - 1.13 -Saudi Research 17.7 0.22 -51.5 - - - 3.08 -Tihama Advertising -11.5 - -10.2 - - - 3.56 -Total 34.4 0.22 -61.2 -0.39 - - 3.3 0


Media and Publishing Sector

-40% -35% -30% -25% -20% -15% -10%

-5% 0%

SRMG SPPC

TAPRCO

% YTD 2016 Media and Publishing Sector

-29.7% YTD

2,000

2,500

3,000

3,500

4,000

Dec

-15

Jan-

16

Feb-

16

Mar

-16

Apr-1

6

May

-16

Jun-

16

Jul-1

6

Media Sector

Asset Management | Brokerage | Corporate Finance | Custody | Advisory

Head Office: King Fahad Road, P.O. Box: 20438, Riyadh 11455, Saudi Arabia، Tel: 011 2256000 - Fax: 011 2256068

Aljazira Capital is a Saudi Investment Company licensed by the Capital Market Authority (CMA), license No. 07076-37

RESE

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Disclaimer

AlJazira Capital, the investment arm of Bank AlJazira, is a Shariaa Compliant Saudi Closed Joint Stock company and operating under the regulatory supervision of the Capital Market Authority. AlJazira Capital is licensed to conduct securities business in all securities business as authorized by CMA, including dealing, managing, arranging, advisory, and custody. AlJazira Capital is the continuation of a long success story in the Saudi Tadawul market, having occupied the market leadership position for several years. With an objective to maintain its market leadership position, AlJazira Capital is expanding its brokerage capabilities to offer further value-added services, brokerage across MENA and International markets, as well as offering a full suite of securities business.

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2. Underweight: This rating implies that the stock is currently trading at a premium to its 12 months price target. Stocks rated “Underweight” would typically decline by over 10% from the current price levels over next twelve months.

3. Neutral: The rating implies that the stock is trading in the proximate range of its 12 months price target. Stocks rated “Neutral” is expected to stagnate within +/- 10% range from the current price levels over next twelve months.

4. Suspension of rating or rating on hold (SR/RH): This basically implies suspension of a rating pending further analysis of a material change in the fundamentals of the company.

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Talha Nazar +966 11 [email protected]

AnalystSultan Al Kadi+966 11 [email protected]

Analyst

Jassim Al-Jubran +966 11 [email protected]

Analyst

Waleed Al-jubayr+966 11 [email protected]

General Manager – Brokerage Services &

sales

Alaa Al-Yousef+966 11 [email protected]

AGM-Head of international and institutional

brokerage

Luay Jawad Al-Motawa +966 11 [email protected]

AGM- Head of Western and Southern Region Investment Centers & ADC

Brokerage

Abdullah Q. Al-Misbani +966 12 6618400 [email protected]

AGM-Head of Sales And Investment Centers

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Sultan Ibrahim AL-Mutawa +966 11 [email protected]

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Documents

Results Summary of Listed Companies in the Saudi Market