Results Summary of Listed Companies

in the Saudi Market November 2017

3Q2017 Please read Disclaimer on the back

Top 15 Companies Lowest P/E Top 15 Companies Highest D/Y

Company P/E TTM P/BV (x) D/Y (%)* Company D/Y(%)* P/Bv (x) P/E TTM (x)
(x)
Buruj Cooperative Insurance Co. 5.88 1.92 1.70% Saudi Cement Co. 12.99 2.12 11.05
Al-Babtain Co. 7.11 1.38 4.10 Yanbu Cement Co. 11.06 1.19 12.14
Gulf Union Cooperative Insurance Co. 7.32 1.48 -- Al Yamamah Steel Industries Co. 10.44 1.62 10.33
Arabian Shield Insurance Co. 7.46 2.24 4.83 Al Sagr Cooperative Insurance Co. 9.09 1.17 21.51
Bank Aljazira 7.48 0.70 3.28 Aseer Trading Co. 8.99 0.65 -
Altayyar Travel Group 7.69 0.80 2.18 National Shipping Co. 8.99 1.17 11.89
Saudi Investment Bank 7.99 0.77 3.22 Arabian Cement Co. 8.92 1.10 17.74
Solidarity Saudi Takaful Co. 8.19 1.73 -- Zamil Industrial Investment Co. 8.32 0.86 9.07
Saudi Arabian Insurance Co. 8.22 1.30 -- Saudi Chemical Co. 8.31 1.25 13.46
Trade Union Cooperative Insurance Co. 8.22 1.41 -- Arriyadh Development Co. 8.16 1.14 12.35
Arab National Bank 8.35 1.02 4.05 Qassim Cement Co. 7.81 2.06 13.06
United Cooperative Assurance Co. 8.52 1.35 -- Southern Province Cement Co. 7.68 1.93 14.34
Saudi United Insurance Co. 8.63 2.18 -- Al Hassan Ghazi Ibrahim Shaker Co. 7.43 0.66 -
Zamil Industrial Investment Co. 9.07 0.86 8.32 Saudi Airlines Catering Co. 7.43 4.85 13.13
Salama Cooperative Insurance Co. 9.26 2.41 -- Eastern Province Cement Co. 6.67 0.87 12.56
Source: Bloomberg, AlJazira Capital. Prices as of 19 November . * Trailing 12 months (TTM), ** Non recurring profit Source: Bloomberg, AlJazira Capital. Prices as of 19 November

Buruj Insurance Co., Al-Babtain Power and Telecommunication Co., and Gulf
Saudi Cement Co. had the highest dividend yield (12.99%) in the Saudi
Union Cooperative Insurance Co., posted the lowest P/E (5.88x-7.32x) in the
market. The Materials sector dominated the market in terms of dividend
Saudi market for the trailing 12 months (TTM), followed by Arabian Shield
yield, with 8 companies ranking among the top 15 companies.
Cooperative Insurance Co.(7.46x).
Overall, the dividend yield in the Saudi market stood at 3.48%
The average P/E for the Saudi market on a TTM basis stood at 14.75x.

Lowest 15 Companies Lowest P/BV Highest 15 Companies Accumulated Loss to Capital

Company P/Bv (x) P/E TTM D/Y (%)* Company Bk Value P/Bv (x) L/C (%)
(x)
Dar Alarkan Real Estate Development Co. 0.45 30.84 -- Saudi Industrial Export Co. 9.1 1.66 -90.9%
Saudi Ceramic Co. 0.63 - 456.2% Al Sorayai Trading and Industrial 6.0 1.25 -49.4%
Najran Cement Co. 0.64 283.09 -- Etihad Atheeb Telecommunication Co. 5.5 1.09 -45.1%
Saudi Real Estate Co. 0.65 18.68 5.38 MetLife AIG ANB Cooperative Co. 6.1 2.40 -38.6%
Aseer Trading Co. 0.65 - 8.99 Mobile Telecommunications Co. 6.2 0.97 -38.0%
Al Hassan Ghazi Ibrahim Shaker Co. 0.66 - 7.43 Saudi Paper Manufacturing Co. 7.2 1.02 -36.8%
Al Jouf Cement Co. 0.67 25.75 -- Saudi Cable Co. - - -33.8%
Abdullah A. M. Al-Khodari Sons Co. 0.67 - -- Saudi Fisheries Co. 6.7 4.05 -33.3%
Arabian Pipes Co. 0.67 60.93 -- Al-Ahlia Insurance Co. 6.9 1.56 -32.5%
Bank Aljazira 0.70 7.48 3.28 Allied Cooperative Insurance Group 6.8 2.18 -30.1%
Etihad Etisalat Co. 0.70 - -- Middle East Specialized Cables Co. 7.7 1.09 -28.5%
Saudi Arabian Amiantit Co. 0.75 - -- Anaam International Holding Group 7.4 1.74 -25.6%
Hail Cement Co. 0.76 22.33 4.98 Nama Chemicals Co. 11.9 1.42 -22.7%
Saudi Investment Bank 0.77 7.99 3.22 Tihama Advertising Co. 7.8 4.74 -21.7%
Saudi Re for Cooperative Reinsurance Co. 0.77 10.06 -- Saudi Enaya Cooperative insurance Co. 8.0 2.60 -19.7%
L /C refers to accumulated losses to capital Source: Bloomberg, AlJazira Capital. Prices as of 19 November
Source: Bloomberg, AlJazira Capital. Prices as of 19 November

Dar Alarkan Co. had the lowest P/BV (0.45x) in the Saudi market, followed
Saudi Industrial Export Co., Al Sorayai Trading Co., andEithad Atheeb Co.
by Saudi Ceramic Co. (0.63x).
lost 90.9%,49.4%, and 45.1% of capital , respectively.
The TTM P/BV for the Saudi market stood at 1.56x

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 Results Summary of Listed Companies
in the Saudi Market November 2017
3Q2017 Please read Disclaimer on the back

Best 15 Companies Top price performers Worst 15 Companies Worst price performers

Company YTD % P/Bv (x) P/E TTM (x) Company YTD % P/Bv (x) P/E TTM (x)
United Electronics Co. 111.2% 3.93 18.17 Saudi Industrial Export Co. -57.6% 1.66 -
Salama Cooperative Insurance Co. 82.7% 2.41 9.26 The Mediterranean and Gulf Co. -55.6% 2.51 -
Jazan Development Co. 57.0% 1.53 94.90 Southern Province Cement Co. -48.6% 1.93 14.34
Al-Rajhi Company for Cooperative 55.3% 4.29 14.34 National Medical Care Co. -47.8% 1.59 -
AlJazira Mawten REIT  54.2% - - Saudi Cement Co. -46.2% 2.12 11.05
Arabia Insurance Cooperative Co. 54.0% 1.87 27.20 Al Sagr Cooperative Co. -45.0% 1.17 21.51
Saudi Research and Marketing 50.9% 4.32 39.29 Etihad Etisalat Co. -44.9% 0.70 -
Saudi Arabian Mining Co. 42.9% 2.51 73.81 United Wire Factories Co. -43.0% 1.26 24.33
National Agricultural Development Co. 32.6% 1.88 49.10 Nama Chemicals Co. -42.2% 1.42 -
Saudi Enaya Cooperative Co. 27.9% 2.60 - Saudi Ground Services Co. -42.0% 2.51 13.64
Dar Alarkan Real Estate Co. 25.4% 0.45 30.84 Al Hassan Ghazi Ibrahim Shaker Co. -41.4% 0.66 -
Saudi United Cooperative Co. 24.1% 2.18 8.63 Qassim Cement Co. -41.1% 2.06 13.06
Abdullah Al Othaim Markets Co. 23.9% 3.85 14.58 Arabian Pipes Co. -41.1% 0.67 60.93
Jarir Marketing Co. 23.2% 8.08 15.50 Knowledge Economic City -40.8% 1.18 1817.32
National commercial Bank 23.0% 1.71 11.08 Altayyar Travel Group -40.5% 0.80 7.69
Source: Bloomberg, AlJazira Capital. Prices as of 19 November Source: Bloomberg, AlJazira Capital. Prices as of 19 November

Unites Electronics Co. has been the best performing stock since the Saudi Industrial Export Co. has been the worst performer (down 57.6%
beginning of 2017 (up 111.2% YTD), followed by Salama Cooperative YTD), followed by The Mediterranean and Gulf Insurance and Reinsurance
Insurance Co. (up 82.7% YTD). Co. (down 55.6% YTD).

The list indicates that 15 companies appreciated in value of 23.0% or more, The list indicates that 15 companies lost 40.0% or more of their value since
since the start of 2017. the start of the year.

Top 15 Companies Weight to the market index Least 15 Companies Ratio of free to issued shares
No. of free Issued Free float
Company % of TASI float Shares P/E TTM (x) Company Shares (mn) (mn) F/I (%)
(mn)
Al Rajhi Bank 12.7% 1,625.0 11.87 Kingdom Holding Co. 3705.9 185.3 5.0%
Saudi Basic Industries Corp. 8.8% 3,000.0 15.53 Saudi Telecom Co. 2000.0 322.9 16.1%
Jabal Omar Development Co. 5.2% 929.4 427.54 Saudi Electricity Company 4167.0 712.0 17.1%
National Commercial Bank 5.0% 2,000.0 11.08 National Petrochemical Co. 480.0 82.3 17.1%
Samba Financial Group 3.3% 2,000.0 9.49 Saudi Basic Industries Corp 3000.0 629.8 21.0%
Saudi Telecom Co. 3.1% 2,000.0 14.33 Rabigh Refining and Petrochemical 876.0 190.2 21.7%
Almarai Co. 3.0% 1,000.0 24.95 Alawwal Bank 1143.1 314.4 27.5%
Saudi Arabian Mining Co. 2.9% 1,168.5 73.81 Middle East Healthcare Co. 92.0 27.2 29.5%
Banque Saudi Fransi 2.7% 1,205.4 10.67 Saudi Ground Services Co. 188.0 56.0 29.8%
Al Hammadi Co. 120.0 35.9 29.9%
Alinma Bank 2.6% 1,500.0 14.26
L’Azurde For Jewelry Co. 43.0 12.9 30.0%
Riyad Bank 2.5% 3,000.0 11.16
Aljazira Takaful Taawuni Co. 35.0 10.5 30.0%
Savola Group 2.5% 534.0 202.84
Zahrat Al Waha 15.0 4.5 30.0%
Saudi Electricity Co. 2.3% 4,167.0 9.84
Taleem RIET 28.5 8.6 30.0%
Jarir Marketing Co. 1.8% 90.0 15.50
Al Alamiya Cooperative Co. 40.0 12.0 30.0%
Saudi British Bank 1.8% 1,500.0 10.14
Source: Bloomberg, AlJazira Capital. Prices as of 19 November
Source: Bloomberg, AlJazira Capital. Prices as of 19 November F/I refers to free to issued shares

Al Rajhi Bank, at 12.7%, has the highest share of the Saudi market, followed
by Saudi Basic Industries Corp (8.8%), and Jabal Omar Development Co Kingdom Holding Co. has the lowest ratio of free-to-issued shares, with just
(5.2%). These three companies account for more than 26.7% of the market 5.0% of the shares issued being traded in the market.
index.
According to the data, four companies have less than 20.0% of free floats.
The most influential stocks in the Saudi market are from the Banking.

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 Results Summary of Listed Companies
in the Saudi Market November 2017
3Q2017 Please read Disclaimer on the back

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

Company YTD % P/Bv (x) ROE (%) Company YTD % P/Bv (x) ROA (%)
Jarir Marketing Co. 21.8% 8.08 52.1% Jarir Marketing Co. 21.8% 8.08 29.8%
Saudi Airlines Catering Co. -24.7% 4.85 37.0% Saudi Airlines Catering Co. -24.7% 4.85 24.9%
Buruj Cooperative Insurance Co. 21.5% 1.92 30.5% Saudia Dairy and Foodstuff Co. -1.2% 3.09 17.2%
Al-Rajhi Company for Insurance 54.8% 4.29 28.1% Advanced Petrochemical Co. -2.6% 2.86 16.3%
Arabian Shield Insurance Co. 1.6% 2.24 26.6% Herfy Food Services Co. -20.2% 3.50 14.8%
Abdullah Al Othaim Markets Co. 22.9% 3.85 26.5% Qassim Cement Co. -40.5% 2.06 14.0%
Zahrat Al Waha for Trading Co. -3.1% 3.79 25.4% Mouwasat Medical Services Co. 7.6% 5.78 13.8%
Herfy Food Services Co. -20.2% 3.50 25.3% Saudi Cement Co. -45.5% 2.12 13.6%
Salama Insurance Co. 80.9% 2.41 24.6% Saudi Ground Services Co. -41.5% 2.51 13.3%
Saudi Company for Hardware 20.0% 4.41 24.2% Saudi Arabia Fertilizers Co. -22.7% 3.61 13.3%
Advanced Petrochemical Co. -2.6% 2.86 23.9% Saudi Company for Hardware 20.0% 4.41 12.5%
The Company for Insurance 4.5% 3.85 23.6% Dallah Healthcare Co. 4.9% 3.68 12.1%
Saudi United Insurance Co. 23.5% 2.18 23.0% Middle East Healthcare Co. -27.7% 2.90 12.1%
Saudia Dairy and Foodstuff Co. -1.2% 3.09 22.9% National Gas and Industrialization Co. -14.7% 1.79 11.5%
Mouwasat Medical Services Co. 7.6% 5.78 22.3% Zahrat Al Waha for Trading Co. 3.1% 3.79 11.2%
Source: Bloomberg, AlJazira Capital. Prices as of 19 November Source: Bloomberg, AlJazira Capital. Prices as of 19 November

Jarir Marketing Co. and Saudi Airlines Catering Co. registered the highest
Jarir Marketing Co. has the highest return on equity (RoE) at 52.1% on a
return on assets (RoA) in the Saudi market at 29.8% and24.9% on a TTM
TTM basis, followed by Saudi Airlines Catering Co. at 37.0%.
basis, followed by Saudia Dairy and Foodstuff Co. at 17.2%.
The top 6 companies have RoE of over 26.0%.
The top 4 companies have RoA of over 16.0%

Total net profit for listed companies in the Saudi Market

40,000 50.0%
38.9% 18.8%
40.0%

30,000 -7.3% 30.0%

20.0%
(SAR Mn)

20,000
10.0%
-10.8%
0.0%
10,000
-10.0%

0 -20.0%
4Q2015/2016 1Q2016/2017 2Q2016/2017 3Q2016/2017
Earnings (Prior Year TTM) Earnings (Current Year TTM) % YoY (RHS)
Source: Bloomberg, AlJazira Capital

The overall net earnings of the companies listed on the TASI increased 18.8% YoY to SAR 32.94bn in 3Q2017 from SAR 28.94bn in 3Q2016. Banks and Materials
accounted for 61.0% of total earnings. SABIC, Saudi Electrcity, and Saudi Telecom Company were major growth drivers, accounting for 17.6%,16.0%, and
8.0% share of earnings, respectively, in 3Q2017.

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 Results Summary of Listed Companies
in the Saudi Market November 2017
3Q2017 Please read Disclaimer on the back

Sectors Performance
-4.7% YTD
3Q2016 3Q2017 7500
Sector YoY
Net EPS Net EPS Change Sector profit
7300
Profit (SAR)
Profit (SAR) to Total 7100
(SARmn) (SARmn) 6900
Energy 121.7 0.09 784.8 0.59 545.2% 2.38% 6700
Materials 7,580.5 0.64 8,714.9 0.73 15.0% 26.46% 6500

Aug-17

Oct-17
Mar-17

Apr-17

Nov-17
Jan-17

Sep-17
Feb-17

May-17

Jul-17
Jun-17
Capital Goods -89.8 -0.15 1.4 0.00 -101.6% 0.00%
Commercial & Professional Svc. 127.7 0.90 125.8 0.89 -1.5% 0.38% YTD TASI Index Performance
Transportation 347.9 0.71 286.7 0.59 -17.6% 0.87%
Consumer Durables & Apparel -9.8 -0.04 -53.6 -0.21 447.9% -0.16%
Consumer Services 352.0 0.73 233.0 0.49 -33.8% 0.71% YTD 2017 Sector Performance
Media -103.3 -1.18 27.7 0.32 -126.9% 0.08% 30.0%
Retailing 322.7 0.67 262.2 0.54 -18.8% 0.80% 20.0%
Food & Staples Retailing 57.9 0.48 152.8 1.28 164.0% 0.46%
10.0%
Food & Beverages 980.5 0.52 1,591.1 0.85 62.3% 4.83%
Health Care Equipment & Svc. 276.5 0.64 291.9 0.68 5.6% 0.89% 0.0%
Pharma, Biotech & Life Science 7.5 0.06 8.2 0.07 9.3% 0.02% -10.0%
Banks 9,950.1 0.59 11,375.0 0.68 14.3% 34.53%
-20.0%
Diversified Financials -400.5 -0.10 261.5 0.07 -165.3% 0.79%

Food & Beverages

894.3 0.79 756.7 0.67 -15.4% 2.30%

Comm & Prof Svc

Insurance -30.0%

Cons Dura & App

Food & Stapl Ret

HC Equip & Svc

RE Mgmt & Dev

Transportation
Phar, Bio & LS
Consumer Svc
Capital Goods

Diversified Fin
Telecommunication Services 1,799.9 0.53 2,420.4 0.71 34.5% 7.35% -40.0%

Insurance
Utilities 4,958.8 1.17 5,300.6 1.25 6.9% 16.09%

Materials

Retailing

Tel Svc
Utilities
Energy
Banks

Media
Real Estate Mgmt & Dev't. 543.5 0.14 399.2 0.10 -26.6% 1.21%
Total Saudi Market 27,718.0 0.54 32,940.4 0.64 18.8% 100.0%
Source: Tadawul, Bloomberg, AlJazira Capital

hh The Saudi market’s net profit increased 18.8% YoY to SAR 32.9bn in 3Q2017 from SAR27.7bn in 3Q2016.

hh The market’s weighted-average earnings per share (EPS) in 3Q2017 stood at SAR 0.64.

hh Index heavyweights Banks and Materials contributed the most to total earnings (34.5% and 26.5%, respectively), while Consumer Durables &
Apparel contributed the least.

hh Energy sector was the best performer in the Saudi market, with a 545.2% YoY increase in net profit at SAR 784.8 mn in 3Q2017, compared with a net
profit of SAR121.7mn in 3Q2016.

hh In 3Q2017, 9 sectors witnessed YoY decline, while 10 sectors registered YoY increase in profit. The combined profit after tax (PAT) of the 19 sectors
increased 18.8%YoY, led by higher weightage of the Banks and Materials.

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 Results Summary of Listed Companies
in the Saudi Market November 2017
3Q2017 Please read Disclaimer on the back

Energy Sector
-24.8% YTD
3Q2016 3Q2017
5300
Company Name YoY 5000
Net EPS Net EPS Change P/E P/Bv
Profit (SAR)
Profit (SAR)
TTM (X) D/Y (%)* 4700
(SARmn) (SARmn) (x) 4400
4100
Saudi Arabia Refineries -1.3 -0.09 -0.3 -0.02 73.8% - 1.14 --
3800
Rabigh Refining -210.6 -0.24 706.5 0.81 - 12.23 1.28 -- 3500
National Shipping 315.4 0.80 60.5 0.15 -80.8% 11.89 1.17 9.0

Aug-17
May-17

Nov-17
Sep-17
Jun-17
Feb-17

Mar-17
Jan-17

Apr-17

Jul-17

Oct-17
Aldrees 18.1 0.36 18.2 0.36 0.6% 18.80 1.93 3.2
Total 121.7 0.09 784.8 0.59 545.2% 12.29 1.25 7.98%
Energy Sector
Source: Tadawul, Bloomberg, AlJazira Capital
* Trailing 12 months (TTM)

YTD 2017 Energy Sector

20%
Net earnings of Saudi Arabia’s Energy sector increased to SAR784.8mn in 3Q2017
10%
compared to SAR121.7mn in 3Q2016. The sector’s EPS stood at SAR 0.59 per share.
0%
RABIGH
hh National Shipping Company of Saudi Arabia was the worst performer during the -10% REFINING
quarter, dropping 80.8% in 3Q2017.
-20%
ALDREES
-30% SAUDI ARABIA
PETROLEU
REF
-40% NATIONAL
SHIPPIN

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 Results Summary of Listed Companies
in the Saudi Market November 2017
3Q2017 Please read Disclaimer on the back

Materials Sector
-5.0% YTD
3Q2016 3Q2017 5100
Company Name 5000
Net Net P/E
Profit EPS
(SAR)
Profit EPS
(SAR)
TTM P/Bv
(X)
D/Y
(%)*
4900
(SARmn) (SARmn) (x) 4800
4700
Sahara Petrochemical 108.7 0.25 165.1 0.38 51.9% 12.28 1.18 5.26
4600
Yanbu National Petro 568.3 1.01 644.6 1.15 13.4% 14.08 1.94 5.44 4500
Saudi Basic Industries 5230.0 1.74 5790.0 1.93 10.7% 15.53 1.85 4.00

Jun-17

Jul-17
Jan-17

Feb-17

Sep-17

Oct-17
May-17

Aug-17
Mar-17

Nov-17
Apr-17
Advanced Petrochemical 189.1 0.96 208.0 1.06 10.0% 12.01 2.86 6.22
Alujain Corporation 36.8 0.53 36.1 0.52 -1.9% 11.30 1.09 5.41
National Petrochemical 191.6 0.40 196.9 0.41 2.8% 21.28 1.22 3.05 Materials Sector
National Industrialization 107.94 0.16 191.6 0.29 77.5% 19.01 1.21 --
Saudi Industrial Investment Group -141.3 -0.31 226.5 0.50 -260.3% 13.57 1.32 2.65
Saudi Arabia Fertilizers 186.2 0.45 188.4 0.45 1.2% 22.32 3.61 2.97 % YTD 2017 Materials Sector
Saudi International Petrochemical -49.4 -0.13 121.6 0.33 - 16.53 0.97 --

-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
Saudi Kayan 158.2 0.11 381.0 0.25 140.9% 13.40 0.94 --
SABIC
Methanol Chemicals -36.9 -0.31 -9.9 -0.08 73.2% - 0.81 --
MAADEN
Nama Chemicals -30.9 -1.31 -2.0 -0.09 93.5% - 1.42 -- YANSAB
Southern Province 173.6 1.24 57.2 0.41 -67.1% 14.34 1.93 7.68 SAFCO
Saudi Cement 202.0 1.32 87.0 0.57 -56.9% 11.05 2.12 12.99 Kayan
APPC
Hail Cement 19.3 0.20 0.7 0.01 -96.6% 22.33 0.76 4.98
TASNEE
City Cement 32.9 0.17 19.2 0.10 -41.5% 16.44 0.90 2.51 SIIG
Arabian Cement 97.2 0.97 29.5 0.30 -69.7% 17.74 1.10 8.92 Saudi Cement
Al Jouf Cement 14.9 0.10 5.8 0.04 -60.8% 25.75 0.67 -- Sahara Petrochemical
SPICHEM
Tabuk Cement 7.9 0.09 -12.2 -0.14 - 253.80 0.97 -- Yanbu Cement
Northern Region 30.1 0.17 12.5 0.07 -58.4% 31.04 0.83 -- Yamama Cement
Qassim Cement 69.5 0.77 51.2 0.57 -26.2% 13.06 2.06 7.81 Arabian Cement
Southern Cement
Yanbu Cement 92.0 0.58 18.0 0.11 -80.4% 12.14 1.19 11.06
Qassim Cement
Yamamah Cement 56.3 0.28 29.2 0.14 -48.2% 24.15 0.95 1.55 Eastern Cement
Eastern Province 42.0 0.49 13.9 0.16 -67.0% 12.56 0.87 6.67 Northern Cement
Najran Cement 15.6 0.09 -17.1 -0.10 - 283.09 0.64 -- Alujain Corp
PETROCHEM
Umm Al-Qura Cement -4.3 -0.08 5.1 0.09 - 26.16 1.59 -- Zamil Industrial
Takween Advanced 4.4 0.05 -49.1 -0.52 - - 1.04 -- Najran Cement
Middle East Paper 2.3 0.05 22.2 0.44 865.2% 36.77 1.41 3.79 City Cement
Basic Chemical 7.3 0.27 8.3 0.30 13.3% 12.58 1.09 5.30 Al Jouf Cement
Hail Cement
Saudi Arabian Mining 107.5 0.09 242.9 0.21 126.1% 155.89 2.51 -- Chemanol
United Wire Factories 14.3 0.33 7.2 0.16 -49.6% 24.33 1.26 4.39 ASLAK
Al Yamamah Steel ** 20.0 0.39 10.9 0.21 -45.5% 10.33 1.62 10.44 Tabuk Cement
Takween
Saudi Steel Pipe 5.2 0.10 -14.5 -0.28 - - 1.07 --
Arabian Pipes
National Gypsum 5.3 0.17 -4.2 -0.13 - - 0.79 4.55 Zoujaj
The National Glass 4.7 0.14 14.8 0.45 214.5% 10.52 1.04 2.47 UMM AL-QURA
FIPCO 0.1 0.01 0.5 0.04 264.3% 48.76 1.98 1.59 Basic Chemical Industries
Nama Chemicals
Arabian Pipes 4.4 0.11 6.6 0.17 49.5% 60.93 0.67 -- Middle East Paper
MAADANIYAH 1.5 0.05 -4.5 -0.16 - - 1.34 2.71 Maadaniyah
Zamil Industrial 41.2 0.69 21.9 0.37 -46.7% 9.07 0.86 8.32 FIPCO
Al Yamamah Steel
Saudi Paper -21.6 -0.48 -3.3 -0.07 84.8% - 1.02 --
Saudi Paper Manufacturing
Zahrat Al Waha 16.6 1.11 17.2 1.14 3.4% 14.94 3.79 #N/A National Gypsum
Total 7,580.5 0.6 8,714.9 0.73 15.0% 17.26 1.76 4.92% Saudi Steel Pipe

Source: Tadawul, Bloomberg, AlJazira Capital * Trailing 12 months (TTM), * * 4Q Ending in September 30th

The net profit of Saudi Arabia’s Materials sector increased 15.0% YoY to SAR8.7bn in 3Q2017 from SAR7.6bn in 3Q2016. Index heavyweight Saudi Basic
Industries Corp recorded an increase of 10.7%. Saudi Arabia Fertilizers Company reported an increase of 1.2% YoY. The sector’s EPS stood at SAR0.73
per share.

hh All cement companies in this sector registered a YoY decline in profit expect for Umm AlQura which recorded net income of SAR 5.1mn. Najran
Cement Company recorded a loss of SAR17.1mn, while Tabuk Cement loss was at SAR12.2mn.

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 Results Summary of Listed Companies
in the Saudi Market November 2017
3Q2017 Please read Disclaimer on the back

Capital Goods Sector

-23.0% YTD
3Q2016 3Q2017
5500
5300
Company Name Net Net P/E 5100
Profit EPS Profit EPS TTM P/Bv D/Y 4900
4700
(SARmn)
(SAR)
(SARmn)
(SAR)
(x) (X) (%)* 4500
4300
4100
Bawan Company 21.1 0.35 23.3 0.39 10.3% 14.87 1.22 5.34 3900
3700
Astra Industrial Group -25.3 -0.32 2.6 0.03 - 37.12 0.99 3.30 3500
ALKHODARI -54.4 -0.98 -22.9 -0.41 58.0% - 0.67 --

Jul-17
Apr-17
Mar-17

Jun-17
Jan-17

Aug-17

Sep-17

Oct-17
Feb-17

May-17

Nov-17
Saudi Ceramic Co. -46.9 -0.94 -39.2 -0.78 16.4% - 0.63 4.56
Saudi Cable Company 0.00 0.00 - - - 0.00 Capital Goods Sector

Al-Ahsa Development -2.5 -0.05 -1.1 -0.02 56.7% - 1.08 --

Saudi Arabian Amiantit -33.6 -0.29 6.4 0.06 - - 0.75 -- YTD 2017 Capital Goods Sector
Al-Babtain 34.6 0.81 30.0 0.70 -13.3% 7.11 1.38 4.10 0%
-10%
Saudi vitrified clay Pipes 12.1 0.81 1.3 0.09 -89.3% 22.45 2.15 6.38 -20%
Middle East Specialized Cables 3.9 0.07 0.2 0.00 -95.7% 56.69 1.09 -- -30%
-40%
Saudi Industrial Export -9.3 -0.86 -10.6 -0.98 -14.0% - 1.66 -- -50%

Al-Ahsa Development Co
Electric Industries 10.5 0.23 11.4 0.25 9.1% 16.45 1.44 4.59 -60%

Saudi Arabian Amiantit

AL BABTAIN POWER

SAUDI CERAMIC CO
-70%

MIDDLE EAST SPEC

ASTRA INDUSTRIAL

ELECTRICAL INDUS
SAUDI INDUS EXPO
Total -89.8 -0.15 1.4 0.00 - 15.71 1.07 4.53%

ABDULLAH A.M. AL
SAUDI CABLE CO
SAUDI VITRIFIED
Source: Tadawul, Bloomberg, AlJazira Capital

BAWAN CO
Net earnings of Saudi Arabia’s Capital Goods sector stood at SAR1.4mn during 3Q2017 compared to SAR89.8mn loss. Middle East Specialized Cables
decreased the most 95.7%YoY decline and stood at SAR0.2mn compared to SAR3.9mn in 3Q2016.

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in the Saudi Market November 2017
3Q2017 Please read Disclaimer on the back

Commercial & Professional Svc Sector

3Q2016 3Q2017 -21.4% YTD
5300
Company Name YoY
Net EPS Net EPS Change% P/E P/Bv D/Y
5000
Profit (SAR)
Profit (SAR)
TTM (X) (%)* 4700
(SARmn) (SARmn) (x) 4400
Saudi Printing and -11.5 -0.19 -4.6 -0.08 60.2% - 1.11 -- 4100
Packaging 3800
Saudi Airlines Catering 139.2 1.70 130.4 1.59 -6.3% 13.13 4.85 7.43 3500

Jul-17
Feb-17

Apr-17
Mar-17

May-17
Jan-17

Jun-17

Aug-17

Oct-17
Sep-17

Nov-17
Total 127.7 0.90 125.84 0.89 -1.5% 13.13 3.38 6.62%
Source: Tadawul, Bloomberg, AlJazira Capital
Commercial & Professional Services Sector

YTD 2017 Commercial & Professional Svc Sector

0%

-5%
Saudi Arabia’s Commericial & Professional Services sector recorded a 1.5%YoY decline in net
-10%
profit of SAR125.8mn in 3Q2017, as compared to net profit of SAR127.7mn in 3Q2016.
-15%

The sector’s EPS for the quarter stood at SAR 0.89 per share. -20%
Saudi Printing and
Packaging Co.
-25%
Saudi Airlines
-30% Catering

Transportation Sector
3Q2016 3Q2017 -27.4% YTD
YoY 5300
Company Name Net Net Change P/E 5100
Profit EPS Profit EPS % TTM P/Bv D/Y 4900
(SARmn)
(SAR)
(SARmn)
(SAR)
(x) (X) (%)* 4700
4500
Saudi Ground Services 193.7 1.03 160.1 0.85 -17.4% 13.64 2.51 6.66 4300
4100
Saudi Public Transport 88.2 0.71 63.3 0.51 -28.2% 15.05 1.02 3.70 3900
3700
United International Transportation 42.9 0.60 42.8 0.60 -0.3% 10.69 1.66 4.37 3500
Saudi Industrial Services 15.7 0.19 5.7 0.07 -63.7% 11.17 0.77 --
Jul-17
Jun-17
Jan-17

Aug-17

Sep-17

Oct-17
Feb-17

Apr-17

Nov-17
May-17
Mar-17

Batic Investments and Logistics 7.3 0.31 14.8 0.62 102.2% 58.36 3.90 0.45
Transport Sector
Total 347.9 0.71 286.7 0.59 -17.6% 14.21 1.84 4.49%
Source: Tadawul, Bloomberg, AlJazira Capital

YTD 2017 Transportation Sector

0%
-5%
The Transportation sector’s net profit declined 17.6% YoY to SAR286.7mn in 3Q2017 from -10%
Batic

-15%
SAR347.9mn in 3Q2016. The sector’s EPS stood at SAR 0.59 per share. -20%
SAPTCO

BUDGET

-25%
SISCO

Saudi Industrial Services showed a decrease of 63.7% YoY, while Batic Investments and -30%
-35%
Logistics showed an increase of 102.2% YoY. -40%
-45%
SGS

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 Results Summary of Listed Companies
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3Q2017 Please read Disclaimer on the back

Consumer Durables & Apparel Sector

3Q2016 3Q2017 -18.3% YTD
5300
Company Name YoY
Net EPS Net EPS Change% P/E P/Bv
5000
Profit (SAR)
Profit (SAR)
TTM (X) D/Y(%)* 4700
(SARmn) (SARmn) (x) 4400
Al Sorayai Trading Group -35.5 -0.95 -49.5 -1.32 -39.4% - 1.25 -- 4100
Saudi Industrial Dev. -7.7 -0.19 -3.6 -0.09 53.2% - 1.01 --
3800
AlAbdullatif Industrial Co 1.5 0.02 3.5 0.04 136.0% 110.36 0.82 4.05
3500
Lazurde Co. 28.7 0.67 0.5 0.01 -98.3% 23.82 1.79 2.96

Oct-17
Jul-17
Jun-17
Jan-17

Feb-17

Sep-17
Apr-17

Aug-17

Nov-17
Mar-17

May-17
Fitaihi Holding Group 3.1 0.06 -4.6 -0.08 - 35.52 0.89 --
Total -9.8 -0.04 -53.6 -0.21 -447.9% 29.00 1.04 3.66%
Source: Tadawul, Bloomberg, AlJazira Capital Consumer Durables & Apparel Sector

YTD 2017 Consumer Durables & Apparel Sector

0%

Saudi Arabia’s Consumer Durables & Apparel sector’s showed a loss of SAR 53.6mn in 3Q2017 -10%

compared to a net loss of SAR 9.8mn in 3Q2016. The sector’s EPS stood at SAR -0.21 per share.

FITAIHI HOLDING
-20%

SIDC

L'AZURDE CO FOR
ALABDULLATIF
The sector’s net loss was supported by Al Sorayai Trading Group and Fitaihi Holding Group -30%

ALSORAYAI
GROUP
which registered a loss of SAR 49.5mn and SAR 4.6mn, respectively, during 3Q2017.
-40%

Consumer Services Sector

3Q2016 3Q2017 -31.8% YTD
Company Name YoY 5500
Net EPS Net EPS Change% P/E P/Bv 5000
Profit (SAR)
Profit (SAR)
TTM (X) D/Y(%)*
(SARmn) (SARmn) (x) 4500
Dur Hospitality Co. 29.6 0.30 15.0 0.15 -49.3% 18.28 1.00 4.80 4000
Al-Tayyar Travel Group 186.8 0.89 131.8 0.63 -29.5% 7.69 0.80 2.18
3500
Tourism Enterprise Co. 0.5 0.05 0.3 0.03 -34.0% - 2.85 --
Herfy Food Services 59.3 0.92 56.0 0.87 -5.5% 13.82 3.50 4.67 3000
Sep-17
Feb-17

Apr-17

Oct-17
Mar-17

May-17
Jan-17

Nov-17
Jun-17

Alkhaleej Co. 20.0 0.50 20.9 0.52 4.6% 13.00 1.37 2.69
Jul-17

Aug-17

Abdulmohsen Alhokair 55.8 1.01 9.0 0.16 -83.9% 24.75 1.79 2.78
Total 352.0 0.73 233.0 0.49 -33.8% 11.04 1.18 2.95% Consumer Services Sector
Source: Tadawul, Bloomberg, AlJazira Capital

YTD 2017 Consumer Services Sector

0%
-10%
The net earnings of Saudi Arabia’s Consumer Services sector declined 33.8% YoY to SAR
AL KHALEEJ TRAIN

-20%
HERFY FOOD SERVI

233.0mn in 3Q2017 from SAR 352.0mn in 3Q2016. The sector’s EPS was SAR 0.49 per share. -30%
SHAMS
DUR HOSPITALITY

-40%
AL TAYYAR TRAVEL

ABDUL MOHSEN AL

-50%
The sector’s earnings were impacted by Abdulmohsen Alhokair net profit, which fell 83.9%
YoY to SAR9.0mn during 3Q2017.

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 Results Summary of Listed Companies
in the Saudi Market November 2017
3Q2017 Please read Disclaimer on the back

Media Sector
26.2% YTD
3Q2016 3Q2017
10500
Company Name YoY 9500
Net EPS Net EPS Change% P/E P/Bv
Profit (SAR)
Profit (SAR)
TTM (X) D/Y (%)* 8500
(SARmn) (SARmn) (x) 7500
6500
Saudi Research -80.6 -1.01 25.5 0.32 - 39.3 4.32 --
5500
Tihama Adv. & PR* -22.7 -3.03 2.2 0.30 - - 4.74 -- 4500
Total -103.3 -1.18 27.7 0.32 - 39.288 4.35 0.0% 3500

Oct-17
Feb-17

Aug-17
Jun-17

Sep-17
Jul-17

Nov-17
Jan-17

Apr-17
Mar-17

May-17
Source: Tadawul, Bloomberg, AlJazira Capital
* 4Q Ending March 2017
Media Sector

YTD 2017 Media Sector

Saudi Arabia’s Media sector recorded a net profit of SAR27.7mn in 3Q2017, as compared to a
60%
loss of SAR 103.3mn in 3Q2016.
40%

The sector’s EPS for the quarter stood at SAR 0.32 per share. 20%

0%
SAUDI RESEARCH
-20%

-40%
TIHAMA
-60%

Retailing Sector
9.9% YTD
3Q2016 3Q2017
6500
Company Name YoY 6300
Net EPS Net EPS Change% P/E P/Bv 6100
Profit (SAR)
Profit (SAR)
TTM (X) D/Y (%)* 5900
(SARmn) (SARmn) (x) 5700
5500
Shaker Co. 4.0 0.06 -49.2 -0.78 - - 0.66 7.43 5300
Extra 6.2 0.15 26.1 0.62 321.0% 18.17 3.93 1.58 5100
4900
Saudi Co. for Hardware 21.1 0.88 22.8 0.95 8.2% 18.24 4.41 3.16 4700

Oct-17
Feb-17

Aug-17
Jun-17

Sep-17
Jul-17

Nov-17
Jan-17

Apr-17
Mar-17

May-17

Saudi Automotive 6.7 0.12 9.1 0.17 36.6% 29.02 1.20 --

Jarir Marketing Co. 217.9 2.42 246.5 2.74 13.1% 15.50 8.08 5.55
Retailing Sector
Fawaz AlHokair Co.* 66.8 0.32 6.8 0.03 -89.8% 16.02 1.93 --
Total 322.7 0.67 262.2 0.54 -18.8% 16.39 3.34 5.21%
Source: Tadawul, Bloomberg, AlJazira Capital YTD 2017 Retailing Sector
* 2Q ending September 2017 120%

90%

60%
Saudi Arabia’s Retailing sector recorded a net profit of SAR262.2mn in 3Q2017. The sector’s
30%
EPS stood at SAR 0.54 per share. 0%
Saudi Company

United Electronics
JARIR MARKETING

-30%
SASCO
for Hardware
Hokair

Jarir Marketing Company dominated the sector earnings, the net profit was up 13.1%
Shaker Co.

-60%

YoY to SAR 246.5mn in 3Q2017. In addition, United Electronics Co. registered net profit of
SAR26.1mn compared to SAR 6.2mn in 3Q2016.

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in the Saudi Market November 2017
3Q2017 Please read Disclaimer on the back

Food & Staples Retailing Sector

7.8% YTD
3Q2016 3Q2017 6100

Company Name YoY 5900

Net EPS Net EPS Change% P/E P/Bv D/Y(%)* 5700
Profit (SAR)
Profit (SAR)
TTM (X) 5500
(SARmn) (SARmn) (x) 5300
5100
Abdullah Al Othaim 36.2 0.80 150.6 3.35 316.2% 14.58 3.85 3.28
4900
Saudi Marketing Co. 23.2 0.52 7.2 0.16 -68.9% 15.21 1.59 4.42 4700
Anaam International -2.8 -0.14 -7.3 -0.37 -160.7% - 1.74 -- 4500
National Agriculture 1.3 0.13 2.2 0.22 73.2% 816.29 2.51 --

Oct-17
Jul-17
Feb-17

Jun-17
Jan-17

Sep-17
Apr-17

Aug-17

Nov-17
Mar-17

May-17
Total 57.9 0.48 152.8 1.28 164.0% 15.31 3.04 3.42%
Source: Tadawul, Bloomberg, AlJazira Capital Food & Staples Retailing Sector

% YTD 2017 Food & Staples Retailing Sector

30%
20%

Net earnings of Saudi Arabia’s Food & Staples sector increased by 164.0% YoY to SAR 10%
0%
152.8mn in 3Q2017 from SAR57.9mn in 3Q2016. The sector’s EPS stood at SAR1.28 per share.

Abdullah Al Othaim
-10%
Abdullah Al Othaim Co. was the best performer during the quarter, reporting a net profit of
-20%
SAR150.6mn in 3Q2017.

Saudi Marketing
-30%

Anaam
Thimar
-40%

Food & Beverages Sector

-2.7% YTD
3Q2016 3Q2017 6500
YoY 6300
Company Name Net Net Change P/E 6100
Profit EPS
(SAR)
Profit EPS
(SAR)
% TTM P/Bv D/Y(%)*
(X)
5900
5700
(SARmn) (SARmn) (x) 5500
5300
Qassim Agriculture Co. 1.4 0.05 1.5 0.05 5.7% 145.98 1.13 2.09 5100
Saudia Dairy and Foodstuff Co.* 81.0 2.49 74.7 2.30 -7.8% 13.51 3.09 3.27 4900
4700
Wafrah for Industry -9.3 -0.47 -8.3 -0.41 11.6% - 2.26 -- 4500
Halwani Bros 22.4 0.78 18.8 0.66 -16.1% 35.70 2.48 5.63
Jul-17

Oct-17
Feb-17

Jun-17
Jan-17

Sep-17
Apr-17

Aug-17

Nov-17
Mar-17

May-17

Almarai Company 664.3 0.66 667.0 0.67 0.4% 24.95 4.39 1.34
Al-Jouf Agriculture 32.9 1.10 11.5 0.38 -65.1% 11.49 0.95 4.23 Food & Beverages Sector
NADEC 28.7 0.34 17.3 0.20 -39.5% 49.10 1.88 --
Jazan Development 6.5 0.13 6.7 0.13 2.6% 94.90 1.53 2.74
Savola Group 179.5 0.34 829.0 1.55 361.8% 202.84 2.17 0.67 % YTD 2017 Food & Beverages Sector
Sharqiya Dev Co. -5.7 -0.76 -4.7 -0.62 18.1% - 1.35 -- 60%

Tabuk Agriculture -11.3 -0.25 -14.4 -0.32 -28.2% - 1.01 -- 40%

Saudi Fisheries Co. -9.9 -0.49 -8.0 -0.40 19.2% - 4.05 -- 20%

Total 980.5 0.52 1,591.1 0.85 62.3% 30.87 3.12 1.31% 0%

Source: Tadawul, Bloomberg, AlJazira Capital, * 4Q Ending in March 2017 -20%

JAZAN DEVELOPMEN

TABUK AGRICULTUR

WAFRAH FOR INDUS

-40%
NATIONAL AGRICUL

AL QASSIM AGRICU
HALWANI BROS CO

SAUDI FISHERIES
Ash-Sharqiyah
ALMARAI CO

SADAFCO

AL JOUF
SAVOLA

Saudi Arabia’s Food & Beverages sector recorded a net profit of SAR1.59bn in 3Q2017
compared to SAR980.5mn in 3Q2016. The sector’s EPS stood at SAR 0.95 per share.

The sector’s increase in earnings was due to an increase in the net profit of index
heavyweights Savola Group (up 361.8%YoY) and Almarai Company (up 0.4% YoY). National
Agricultural Development Co. declined 39.5%YoY to SAR 17.3mn compared to SAR28.7mn in
3Q2016.

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 Results Summary of Listed Companies
in the Saudi Market November 2017
3Q2017 Please read Disclaimer on the back

Health Care Equipment & Svc Sector --13.8% YTD

5200

3Q2016 3Q2017 5000

YoY
Company Name Net Net Change% P/E
4800

Profit EPS Profit EPS TTM P/Bv D/Y 4600

(SARmn)
(SAR)
(SARmn)
(SAR)
(x) (X) (%)*
4400
Dallah Healthcare 60.8 1.03 76.8 1.30 26.3% 21.12 3.68 1.97
4200
National Medical Care 27.6 0.61 27.0 0.60 -2.0% - 1.59 --

Oct-17
Feb-17

Aug-17
Jun-17

Sep-17

Nov-17
Jul-17
Jan-17

Apr-17
Mar-17

May-17
Mouwasat Medical 49.4 0.99 76.7 1.53 55.3% 25.91 5.78 1.55
Middle East Healthcare 99.6 1.08 60.0 0.65 -39.8% 15.33 2.90 3.88 Health Care Equipment & Services Sector
Al Hammadi 20.7 0.17 23.6 0.20 13.7% 47.05 2.86 --
Saudi Chemical 18.4 0.29 27.9 0.44 51.2% 13.46 1.25 8.31
Total 276.5 0.64 291.9 0.68 5.6% 21.91 3.08 3.33% % YTD 2017 Health Care Equipment & Svc Sector
Source: Tadawul website, AlJazira Capital 10%
National
Medical Care
0%
Mouwasat Dallah
-10% Medical Healthcare

The Health Care Equipment & Services sector’s net profit increased 5.6% YoY to SAR 291.9mn -20%
AlHammadi
in 3Q2017 compared to SAR 276.5mn in 3Q2016. The sector’s EPS stood at SAR 0.68 per share.
-30% Saudi
Middle East Healthcare Company’s profit (down 39.8% YoY) declined the most. While Saudi Chemical Co
-40% Middle East
Chemical increased the most (up 51.2%YoY).
Healthcare
-50%

Pharma, Biotech & Life Scie. Sector -29.9% YTD

5400
3Q2016 3Q2017 5100

Company Name Net Net YoY P/E 4800

Profit EPS Profit EPS Change% TTM P/Bv D/Y (%)*
(SARmn)
(SAR)
(SARmn)
(SAR)
(x) (X) 4500
4200
Saudi 3900
7.5 0.06 8.2 0.07 9.3% 9.21 1.30 3.49
Pharmaceutical
3600
Total 7.5 0.06 8.2 0.07 9.3% 100.00 1.30 3.49%

Oct-17
Jul-17
Feb-17

Jun-17

Sep-17
Jan-17

Aug-17
Apr-17

Nov-17
Mar-17

May-17

Source: Tadawul, Bloomberg, AlJazira Capital

Pharma, Biotech & Life Science Sector

% YTD 2017Pharma, Biotech & Life Science Sector

0%

-10%
Saudi Arabia’s Pharma, Biotech & Life Science sector increased 9.3% YoY to post a net profit
of SAR8.2mn in 3Q2017 compared to SAR 7.5mn in 3Q2016. The sector’s EPS stood at SAR -20%
0.07 per share.
-30%
SAUDI

-40% PHARMACEUT

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 Results Summary of Listed Companies
in the Saudi Market November 2017
3Q2017 Please read Disclaimer on the back

Banks Sector
5.3% YTD
3Q2016 3Q2017 5800

YoY 5500
Company Name Net Net Change%
Profit EPS Profit EPS P/E P/Bv 5200

(SARmn)
(SAR)
(SARmn)
(SAR) TTM (x) (X) D/Y(%)* 4900
4600
Alinma Bank 311.6 0.21 541.8 0.36 73.9% 14.26 1.30 2.86 4300

Al Rajhi Bank 2009.0 1.24 2265.0 1.39 12.7% 11.87 1.93 4.71 4000

Oct-17
Feb-17

Aug-17
Jun-17

Sep-17

Nov-17
Jul-17
Jan-17

Apr-17
Mar-17

May-17
NCB 1962.0 0.98 2126.0 1.06 8.4% 11.08 1.71 3.98
Banks Sector
Banque Saudi Fransi 1010.0 0.84 1001.0 0.83 -0.9% 10.67 1.17 5.03
Riyad Bank 729.0 0.24 1077.0 0.36 47.7% 11.16 0.96 5.35
%-10.0%
YTD 2017 Banks Sector
Saudi British Bank 994.8 0.66 1083.3 0.72 8.9% 10.14 1.19 4.07 25.0%
20.0%
Alawwal Bank 262.8 0.2 363.0 0.32 38.1% 17.37 0.99 -- 15.0%
10.0%
Samba Financial 1341.0 0.7 1308.0 0.65 -2.5% 9.49 1.06 5.38 5.0%
0.0%
Arab National Bank 721.7 0.72 775.5 0.78 7.5% 8.35 1.02 4.05 -5.0%

SAUDI INVESTMENT
-10.0%

BANQUE SAUDI FR

SAUDI BRITISH BK

ARAB NATL BANK

NATIONAL COMM
AlBilad Bank 227.8 0.38 248.1 0.41 8.9% 11.90 1.46 4.30 -15.0%

BANK AL JAZIRA
AL RAJHI BANK

BANK ALBILAD
-20.0%

ALINMA BANK

ALAWWAL BANK
RIYAD BANK
Saudi Investment Bank 219.4 0.29 358.4 0.48 63.4% 7.99 0.77 3.22

SAMBA
Bank AlJazira 161.0 0.31 228.0 0.44 41.6% 7.48 0.70 3.28
Total 9,950.1 0.59 11,375.0 0.68 14.3% 10.86 1.32 4.45%
Source: Tadawul website, AlJazira Capital

The Banking sector’s net profit increased 14.3% YoY to SAR11.4bn in 3Q2017. The sector’s EPS stood at SAR0.68 per share.
Alinma Bank registered the highest growth of 73.9%YoY while Samba Financial Group showed the worst performance with a decline of 2.5%YoY during
3Q2017.

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 Results Summary of Listed Companies
in the Saudi Market November 2017
3Q2017 Please read Disclaimer on the back

Diversified Financials Sector

3Q2016 3Q2017 -26.2% YTD
5300
5000
Company Name Net Net YoY Change% P/E
Profit EPS Profit EPS TTM P/Bv D/Y 4700

(SARmn)
(SAR)
(SARmn)
(SAR)
(x) (X) (%)* 4400
4100
Saudi Adv. Ind. Co. 2.5 0.05 9.8 0.20 291.2% 25.84 0.77 2.11 3800
AlBaha 0.0 0.00 -0.3 -0.01 - - 2.69 --
3500
Kingdom Holding Co. -355.0 -0.10 247.5 0.07 - 49.46 1.01 5.92

Oct-17
Jul-17
Feb-17

Jun-17
Jan-17

Sep-17
Apr-17

Aug-17

Nov-17
Mar-17

May-17
Aseer Trading Co. -48.1 -0.38 4.4 0.03 - - 0.65 8.99
Total -400.5 -0.10 261.5 0.07 - 48.63 1.00 6.04%
Diversified Financials Sector
Source: Tadawul, Bloomberg, AlJazira Capital

% YTD 2017 Diversified Financials Sector

0%

Al-Baha Development
-15%

Saudi Advanced Industries

Saudi Arabia’s Diversified Financials sector recorded a net profit of SAR261.5mn in 3Q2017
-30%
compared to a loss of SAR400.5mn in 3Q2016. The sector’s EPS stood at SAR 0.07 per share

Kingdom Holding

Aseer Trading Tourism

-45%
in 3Q2017.

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 Results Summary of Listed Companies
in the Saudi Market November 2017
3Q2017 Please read Disclaimer on the back

Insurance Sector
3Q2016 3Q2017 -6.8% YTD
5600

Company Name Net Profit YoY 5400

EPS Net Profit EPS Change% P/E P/Bv
Before (SAR)
Before (SAR)
TTM (X) D/Y (%)* 5200
Zakat(SARmn) Zakat(SARmn) (x) 5000
4800
Saudi Indian Co. 8.7 0.71 -3.6 -0.29 - 17.56 1.90 --
4600
Al Sagr Co-op Ins 26.7 1.07 7.5 0.30 -71.7% 21.51 1.17 9.09
4400
Arabia Insurance Co. -1.7 -0.06 3.9 0.15 - 27.20 1.87 --

Oct-17
Feb-17

Jun-17

Aug-17

Sep-17

Nov-17
Jul-17
Jan-17

Apr-17

May-17
Mar-17
Arabian Shield Co-op 18.7 0.94 23.1 1.16 23.6% 7.46 2.24 4.83
Insurance Sector
Saudi Arabian Co-op 17.4 0.69 16.4 0.66 -5.7% 8.22 1.30 --
United Cooperative 26.1 0.53 -2.2 -0.04 - 8.52 1.35 --
Buruj Insurance Co. 8.6 0.34 24.0 0.96 180.6% 5.88 1.92 1.70 % YTD 2017 Insurance Sector

Al-Rajhi Company 29.6 0.74 58.7 1.47 98.5% 14.34 4.29 --

-70%

-50%

-30%

-10%

10%

30%

50%

70%

90%
Salama Cooperative 8.7 0.35 22.0 0.88 152.1% 9.26 2.41 --
TAWUNIYA
CHUBB Arabia Co. 9.5 0.47 7.8 0.39 -17.6% 11.29 1.84 -- Bupa Arabia
Allied Insurance Co. 4.7 0.24 3.9 0.20 -16.6% 33.57 2.18 -- Walaa
Al Alamiya 12.2 0.31 8.8 0.22 -27.8% 24.29 2.54 -- Al Rajhi Takaful
Arabian Shield
Solidarity Saudi 14.1 0.56 19.6 0.78 39.1% 8.19 1.73 -- Saudi Re
Aljazira Takaful 6.4 0.18 6.8 0.20 6.9% 28.28 2.25 2.03 Buruj
AXA Cooperative 11.2 0.25 12.6 0.28 12.5% 15.70 1.54 -- UCA
MEDGULF
Tawuniya Insurance Co. 283.3 2.27 159.7 1.28 -43.6% 14.79 3.85 4.33 Al Sagr
Allianz Saudi Fransi 6.3 0.32 8.0 0.40 26.5% 22.25 2.71 -- AXA
Alahli Takaful Co. 7.1 0.43 8.7 0.52 22.4% 13.33 2.20 1.63 Trade Union
Al Alamiya
Bupa Arabia 260.4 3.25 217.0 2.71 -16.7% 13.23 3.49 1.53
Salama
SABB Takaful 2.8 0.08 2.1 0.06 -25.1% 91.17 2.12 -- Saudi Arabian
Trade Union Co-op Ins 27.2 0.99 16.7 0.61 -38.6% 8.22 1.41 -- Solidarity Takaful
SABB Takaful
Amana Cooperative 7.9 0.57 14.7 1.05 -85.2% 13.26 2.48 --
Alinma Tokio Marine
Gulf General Co-op 7.0 0.35 4.6 0.23 -33.4% 11.80 1.44 -- Alahli Takaful Co
Wataniya Insurance 8.1 0.40 8.2 0.41 1.9% 9.91 2.40 -- AlJazira Takaful
Amana
The Mediterranean Co. 60.1 1.50 60.1 1.50 0.1% - 2.51 --
Arabia Insurance Cooperative
Malath Co-op Ins 1.3 0.03 11.1 0.22 730.91% - 5.79 -- Wataniya
Saudi Re Co. 2.7 0.03 -0.3 0.00 - 10.06 0.77 -- Saudi Enaya
Chubb Arabia
Al-Ahlia Insurance Co. -8.6 -0.54 3.2 0.20 - 19.81 1.56 --
Allianz SF
Saudi Enaya -6.3 -0.31 0.7 0.04 - - 2.60 -- Malath
Alinma Tokio Marine -1.1 -0.04 -3.2 -0.11 -194.5% - 1.93 -- WAFA
Gulf General
Gulf Union Co-op Ins -0.2 -0.02 2.0 0.13 - 7.32 1.48 --
METLIFE
Walaa Insurance Co. 40.0 1.00 44.4 1.11 11.0% 8.63 2.18 -- Gulf Union
MetLife AIG ANB Co. -4.2 -0.12 -10.4 -0.30 -146.3% - 2.40 -- Allied Cooperative
Total 894.3 0.79 756.7 0.67 -15.4% 13.14 2.62 3.23% Al-Ahlia
Source: Tadawul, Bloomberg, AlJazira Capital

The Insurance sector’s net profit decreased 15.4% YoY to SAR 756.7mn in 3Q2017 from SAR 894.3mn in 3Q2016. The sector’s EPS stood at SAR 0.67 per

share during the quarter.

Sector heavyweights, Bupa Arabia for Cooperative Insurance’s net profit (before zakat) decreased 16.7% YoY to SAR217.0mn in 3Q2017 from SAR 260.4mn

in 3Q2016. The Company for Cooperative Insurance (TAWUNIYA) reported a net profit of SAR159.7mn in 3Q2017 compared to SAR 260.4mn in 3Q2016.

In terms of YoY gain in net profit,Malath Co-op Insurance (up 730.9% YoY), Buruj Cooperative Insurance Co. (up 180.6% YoY), and Salama Cooperative (up

152.1% YoY), were the best performers.

15 © All rights reserved

 Results Summary of Listed Companies
in the Saudi Market November 2017
3Q2017 Please read Disclaimer on the back

Telecommunication Sector
3Q2016 3Q2017 -17.3% YTD
5200
YoY
Company Name Net Net Change% P/E 5000
Profit EPS Profit EPS TTM P/Bv D/Y(%)* 4800
(SARmn)
(SAR)
(SARmn)
(SAR)
(x) (X) 4600
4400
Saudi Telecom 2216.9 1.11 2621.3 1.31 18.2% 14.33 2.24 5.77 4200
Mobile Telecomm Co. -266.1 -0.46 3.4 0.01 - - 0.97 -- 4000
3800
Etihad Atheeb Telecom* 15.4 0.24 -29.8 -0.47 - - 1.09 --

Oct-17
Feb-17

Aug-17

Sep-17
Jun-17

Jul-17
Jan-17

Nov-17
Apr-17
Mar-17

May-17
Etihad Etisalat Co -166.3 -0.22 -174.5 -0.23 -4.9% - 0.70 --
Total 1,799.9 0.53 2,420.4 0.71 34.5% 14.33 1.91 5.29% Telecommunication Services Sector
Source: Tadawul, Bloomberg, AlJazira Capital
*4Q Ending March 2017
% YTD 2017 Telecommunication Sector
-0%
-10%

Saudi Telecom Co
-20%

Telecommunication Co
Net earnings of Saudi Arabia’s Telecommunication Services sector surged 34.5% YoY to -30%

Mobile Telecommunications
-40%
SAR2.4bn in 3Q2017 from SAR 1.8bn in 3Q2016. The sector’s EPS stood at SAR 0.71 per share.

Etihad Atheeb
-50%

Etihad Etisalat Co
Saudi Telecom Co. recorded net income of SAR2.6bn during 3Q2017.

Co Saudi Arabi
Utilities Sector
4.2% YTD
3Q2016 3Q2017 5600

Company Name Net Net YoY P/E 5400

Profit EPS Profit EPS Change% TTM P/Bv D/Y (%)* 5200
(SARmn)
(SAR)
(SARmn)
(SAR)
(x) (X)
5000

National Gas & 4800

30.4 0.40 38.7 0.52 27.5% 11.48 1.79 4.97
Industrialization Co. 4600
Saudi Electricity Co. 4928.4 1.18 5261.9 1.26 6.77% 9.84 1.28 2.94 4400

Total 4,958.8 1.17 5,300.6 1.25 6.89% 9.87 1.29 3.1% 4200

Oct-17
Feb-17

Sep-17
Jun-17

Jul-17

Aug-17
Jan-17

Nov-17
Apr-17
Mar-17

May-17

Source: Tadawul website, AlJazira Capital،

Utilities Sector

% YTD 2017 Utilities Sector

Saudi Arabia’s Utilities sector recorded net income of SAR5.3bn in 3Q2017 compared to 10%

SAR4.9bn in 3Q2016. The sector’s EPS stood at SAR 1.25 per share. 5%

0%
SAUDI ELECTRICIT
-5%

-10%

-15%
National Gas &
Industrialization Co
-20%

16 © All rights reserved

 Results Summary of Listed Companies
in the Saudi Market November 2017
3Q2017 Please read Disclaimer on the back

Real Estate Mgmt & Dev’t Sector -18.9% YTD

5200
3Q2016 3Q2017 5000
4800
Company Name Net Net YoY P/E
Profit EPS Profit EPS Change% TTM P/Bv D/Y (%)*
4600

(SARmn)
(SAR)
(SARmn)
(SAR)
(x) (X) 4400
4200

Arriyadh Development 37.1 0.28 45.6 0.34 23.0% 12.35 1.14 8.16 4000

Oct-17
Feb-17

Aug-17
Jun-17

Sep-17

Nov-17
Jul-17
Jan-17

Apr-17
Mar-17

May-17
Emaar 69.0 0.08 27.0 0.03 -60.9% 60.15 1.31 --
Taiba Holding Co. 82.9 0.55 64.8 0.43 -21.8% 22.02 1.40 4.73 Real Estate Mgmt & Dev't Sector

Alandalus Property Co. 26.4 0.38 26.4 0.38 0.2% 9.73 1.25 --
% YTD 2017 Real Estate Mgmt & Dev’t Sector
Dar Alarkan 112.5 0.10 209.6 0.19 86.4% 30.84 0.45 -- 30%
20%
Saudi Real Estate Co. 36.2 0.30 20.6 0.17 -43.1% 18.68 0.65 5.38 10%
0%
Makkah Construction* 113.8 0.69 106.4 0.65 -6.5% 32.11 1.11 4.42 -10%

Dar Al Arkan
Makkah Construction
Jabal Omar* 63.4 0.07 -60.8 -0.07 - 427.54 5.65 -- -20%

Alandalus Property
Taiba Holding
Jabal Omar
-30%
Red Sea Housing 10.5 0.18 -12.7 -0.21 - 520.00 1.23 4.12

Arriyadh Dev.
-40%

Emaar

SRECO
Knowledge Economic -8.1 -0.02 -27.8 -0.08 -243.1% 1817.32 1.18 --

Red Sea Intl.

-50%

Knowledge
Total 543.5 0.14 399.2 0.10 -26.6% 66.45 1.72 5.15%
Source: Tadawul, Bloomberg, AlJazira Capital, * Hijri Calender

The net profit of Saudi Arabia’s Real Estate Mgmt & Dev’t sector decreased 26.6% YoY to SAR 399.2mn in 3Q2017 from SAR 543.5mn in 3Q2016. The
sector’s EPS for the quarter was at SAR 0.10 per share.

Knowledge Economic City (down 243.1% YoY), Emaar Company (down 60.9% YoY) and Saudi Real Estate Co. (down 43.1% YoY) led the decrease in the
sector’s net profit during 3Q2017.

17 © All rights reserved

 Acting Head of Research Analyst Analyst
RESEARCH DIVISION

Talha Nazar Sultan Al Kadi, CAIA Jassim Al-Jubran

+966 11 2256250 +966 11 2256374 +966 11 2256248
t.nazar@aljaziracapital.com.sa s.alkadi@aljaziracapital.com.sa j.aljabran@aljaziracapital.com.sa
Analyst Analyst
Waleed Al-jubayr Muhanad Al-Odan
+966 11 2256146 +966 11 2256115
W.aljubayr@aljaziracapital.com.sa M.alodan@aljaziracapital.com.sa
BROKERAGE AND INVESTMENT
CENTERS DIVISION

General Manager – Brokerage Services & AGM-Head of international and institutional AGM- Head of Western and Southern Region Investment
sales brokerage Centers
Alaa Al-Yousef Luay Jawad Al-Motawa Mansour Hamad Al-shuaibi
+966 11 2256060 +966 11 2256277 +966 12 6618443
a.yousef@aljaziracapital.com.sa lalmutawa@aljaziracapital.com.sa m.alshuaibi@aljaziracapital.com.sa

AGM-Head of Sales And Investment Centers
Central Region
Sultan Ibrahim AL-Mutawa
+966 11 2256364
s.almutawa@aljaziracapital.com.sa
AGM-Head of Qassim & Eastern Province
Abdullah Al-Rahit
+966 16 3617547
aalrahit@aljaziracapital.com.sa

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