Cement Dispatches for August 2017 - Aljazira Capital
Cement Dispatches for August 2017 September 2017 Saudi Cement Sector | Monthly Report | August 2017
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Cement dispatches: According to the data released by Yamamah Cement Co, cement dispatches for the month of August-2017 stood at 3.72mn tons, compared to 4.41mn tons in August-2016, depicting a decline of 15.5%YoY, but a growth of 6.6%MoM. We believe that the YoY decline is ascribed to the continued pressure on the sectors fundamentals. Clinker inventory continued to increase reaching the highest level at 33.37mn ton, depicting an increase of 31.9%YoY. For 8M-2017 cement dispatches stood at 32.1mn ton compared to 39.3mn ton in 8M-2016, depicting a decline of 18.3%YoY. Cement dispatches are expected to decline by 15%-16%, in FY 2017, due to slow recovery in the systems liquidity, and lower allocation of new project; however, the sector is expected to show signs of recovery over 2018 and into 2019 along with improvement in crude oil prices and a general improvement in sentiment will drive the economy during 2018/2019.
Change in Cement Dispatches
Source: Yamama Cement, AlJazira Capital
5,000
Change %(RHS)
Dispatches (1000 Ton)(LHS)
80%
4,500
60%
4,000
40%
3,500
20%
Utilization Rate (TTM)
as compared to 3.49MT in July 2017.
76.7%
75.0%
74.7%
2017
compared
73.3%
71.9%
70.5%
Apr-17
Mar-17
Change in Clinker Inventories
Aug-17
68.3% 68.6% 67.8%
Source: Yamama Cement, AlJazira Capital
35,000
10% 8% 6%
30,000
4% 2%
25,000
Clinker
Inventories
showed
an increase of 2.7%MoM and stood at 33.37MT compared to 32.49MT in July 2017.
0%
Total Invetories (1000 Ton)(LHS)
1
Change %(RHS)
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
Aug-16
-2% 20,000
to
83.6% in August 2016.
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
Jul-17
August
70.0%
Aug-16
Jun-17
sector declined to 67.8% in 78.0%
Aug-17
80.0%
Utilization rate of Saudi cement 79.8%
Jul-17
81.3%
Jun-17
82.5%
Source: Yamama Cement, AlJazira Capital
May-17
83.6%
May-17
Apr-17
Mar-17
Sep-16
Feb-17
-60%
Jan-17
1,500
Dec-16
-40%
Nov-16
2,000
Oct-16
-20%
Aug-16
2,500
65.0%
6.6%MoM, standing at 3.72MT
0%
3,000
85.0%
Cement dispatches rose by
-4%
Analyst
Waleed Al-jubayr +966 11 2256146 [email protected]
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Cement Dispatches for August 2017 September 2017 Saudi Cement Sector | Monthly Report | August 2017
Cement Dispatches for August 2017
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Source: Yamama Cement , AlJazira Capital
650
3.0%
550 450
-17.0%
350 -37.0%
250
Hail
AlSafwa
AlJouf
Northern
City
YoY Change (%) -RHS
Cement Dispatches for 8M-2017
-57.0%
United Cement
Aug - 17
Umm AlQura
Aug -16
Najran
Riyadh
Tabuk
Southern
Arabian
Yanbu
Qassim
Eastern
Saudi
50
Yamamah
150
10.0%
4,350
-10.0%
3,800 3,250 2,700
-30.0%
2,150 1,600
Sales / Production for 8M-2017
-50.0%
United Cement
Hail
AlSafwa
AlJouf
Northern
City
YoY Change (%) -RHS
Umm AlQura
8M-17
Najran
Riyadh
Tabuk
Southern
Arabian
Yanbu
Qassim
Eastern
Saudi
Yamamah
1,050
show
a
YoY
increase of 2.5%. While Najran cement declined the most by 53.4%YoY, followed by Saudi cement and Riyadh cement with decline of 33.7%YoY and
For 8M-2017, city cement was the only company to show growth (7.4% YoY). While Northern cement and Najran cement showed a decline of 47.4%YoY and 44.8%YoY respectively.
Source: Yamama Cement , AlJazira Capital
140.0%
Riyadh cement and Yamama
120.0%
cement showed the highest
100.0%
cement
/
clinker
and 111.6% respectively. On
60.0%
Sales / Production
Clinker Inventories
United Cement
Umm AlQura
Hail
AlSafwa
AlJouf
Northern
City
Najran
Riyadh
Tabuk
Southern
Arabian
Yanbu
Qassim
Eastern
Saudi
the other hand, Hail cement Yamamah
40.0%
sales
production ratio of 134.8%
80.0%
and
Umm
AlQura
cement
showed a cement sales/ clinker production ratio of 49.3% and 67.5% respectively.
Source: Yamama Cement , AlJazira Capital
AlSafwa cement showed the
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Hail
AlSafwa
AlJouf
YoY Change (%) -RHS
United Cement
Aug-17
Umm AlQura
Aug-16
Northern
hand, Riyadh cement showed a
City
of 142.3%YoY. On the other
-40.0%
Najran
10.0%
Riyadh
1000
Tabuk
60.0%
Southern
2000
Arabian
110.0%
Yanbu
3000
Qassim
160.0%
Eastern
4000
Saudi
210.0%
Yamamah
5000
0
2
to
Source: Yamama Cement , AlJazira Capital
4,900
8M-16
company
33.5%YoY, respectively.
5,450
500
Qassim cement was the only
highest increase of 196.4%YoY in
its
inventories
level,
followed by Southern cement which
showed
an
increase
decline of 19.9%YoY, followed by AlJouf cement with a decline of 10.9%YoY.
Cement Dispatches for August 2017 September 2017 Saudi Cement Sector | Monthly Report | August 2017
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Market Share – August 2017
Source: Yamama Cement , AlJazira Capital
15.0%
20.0%
13.0% 11.0%
0.0%
9.0% 7.0%
-20.0%
5.0%
YoY Change
Market Share TTM
United Cement
Hail
AlSafwa
AlJouf
Northern
City
Najran
Riyadh
Market Share Aug-17
Umm AlQura
Market Share Aug-16
Tabuk
Southern
Arabian
Yanbu
Qassim
Eastern
Saudi
1.0%
Yamamah
3.0%
-40.0%
Southern and Yanbu cement recorded the highest market share in August 2017 of 12.6% and 12.4%, respectively. While Tabuk cement, recorded the lowest market share of 2.1%. Qassim cement showed the highest increase in its market share from 7.2% to 8.7%, while Najran cement showed a decline in its market share standing at 3.0% from 5.4% in August 2016.
Source: Yamama Cement , AlJazira Capital
Yanbu
Southern
Saudi
Yamamah
Qassim
Riyadh
Eastern
6.8%
Hail
Umm AlQura
highest market share of 12.3%
7.5%
EV / Ton (in ‘000 SAR)
and 11.9% followed by Saudi
11.4%
6.4%
United Cement
Tabuk
Southern cement recorded the
4.6%
AlJouf
Northern
On TTM basis, Yanbu and 11.9%
4.0%
Najran
AlSafwa
12.3%
3.2% 3.7%
Arabian
City
1.7%
2.1% 2.3% 2.3%
2.4%
cement with market share of 11.4%.
9.7% 7.8%
Source: Bloomberg, Yamama Cement , AlJazira Capital
900.0
AlJouf cement recorded the highest EV/Ton of SAR 990.2,
700.0
followed
by Tabuk
cement
with EV/Ton of SAR 981.2. On
500.0
Sector EV/Ton
EV/Ton
P/E & P/BV
Umm AlQura
Hail
AlJouf
Northern
City
Najran
Tabuk
Arabian
Yanbu
Qassim
Eastern
Saudi
Yamamah
Southern
the other hand, Najran cement 300.0
SAR 412.6.
Source: TADAWUL , AlJazira Capital
45.00 2.50
35.00
2.00
25.00
Saudi Cement recorded the lowest P/E of 10.56x, followed by Eastern cement with P/E of
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P/BV (RHS)
Umm AlQura
Hail
AlJouf
Northern
City
Najran
Tabuk
Southern
Arabian
P/E of 42.69x. AlJouf cement
Yanbu
0.50
Qassim
cement recorded the highest
5.00
Eastern
1.00
Saudi
11.29x. On the other hand, Najran
15.00
Yamamah
1.50
P/E (LHS)
3
recorded the lowest EV/Ton of
recorded the lowest P/BV of 0.63x, while Saudi cement recorded the highest P/BV of 2.54x.
Cement Dispatches for August 2017 September 2017 Saudi Cement Sector | Monthly Report | August 2017
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Company News & Events Company Name
Date of Announcement
Northern Cement
16-08-2017
Arabian Cement
08-08-2017
Corporate Event & Announcement Northern Region Cement Co. has received a cement export license, valid for one year, from Saudi Arabia’s Ministry of Commerce and Investment. Arabian Cement’s board of directors has recommended cash dividend of SAR 1.00 per share for 1H-2017. Al-Jouf Cement announced the results of the General Assembly meeting on 1707-2017, where the company approved the recommendation to increase the
AlJouf Cement
17-07-2017
company’s capital from SAR 1.3bn to SAR 1.43bn by 10% by transferring SAR 130mn of retained earnings. The number of shares before the increase is 130mn shares. An increase of 13mn shares through the granting of bonus shares at a rate of one share per ten shares.
Southern Cement
10-07-2017
Qassim Cement
05-07-2017
Yanbu Cement
02-07-2017
Southern Cement’s board of directors has recommended cash dividend of SAR 1.00 per share for 1H-2017. Qassim Cement’s board of directors has recommended cash dividend of SAR 0.65 per share for 2Q-2017. Yanbu Cement’s board of directors has recommended cash dividend of SAR 0.75 per share for 1H- 2017. Tabuk cement announced that it started the commercial production for its second
Tabuk Cement
22-06-2017
production line; however both production lines cannot be operated simultaneously, due to limited fuel allocation. Yamama Cement Co. signed an agreement with the National Commercial Bank
Yamama Cement
20-06-2017
(NCB) and Samba Financial Group to increase secured facilities to SAR 3.6bn from SAR 1bn, and extend the maturity date to January, 2025. Najran Cement’s board of directors approved to put on hold plans for setting up limited liability companies for mining and transport services. The establishment of
Najran Cement
25-05-2017
the mining firm was postponed as the ministry of mineral resources has suspended issuance of new mining licenses until law amendments are finalized. Plans for the transport company were also shelved due to the current market conditions.
Hail Cement
16-05-2017
Hail Cement Co. has received a new cement export license, valid for one year, from Saudi Arabia’s Ministry of Commerce and Investment. Source: The Saudi Stock Exchange - Tadawul
4
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Cement Dispatches for August 2017 September 2017 Saudi Cement Sector | Monthly Report | August 2017
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Dispatches & Change Yamama Cement
Aug-17
Jul-17
Jun-17
-6%
May-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
-60%
-4%
Apr-17
-40%
100
-2%
Mar-17
-20%
200
0%
Feb-17
5,000
0%
300
6%
2%
Jan-17
5,200
40%
20%
Dec-16
400
Change %(RHS)
4%
Nov-16
60%
40%
Clinker Inventories('000 Ton)(LHS)
Oct-16
-80%
60%
500
0
4,500 4,400 4,300 4,200 4,100 4,000 3,900 3,800 3,700 3,600 3,500 3,400
80%
Aug-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
600
-8%
Saudi Co SaudiCement Cement
4,600
Aug-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Nov-16
Dec-16
Oct-16
Sep-16
Jul-17
3,800
Jun-17
-60%
Apr-17
4,000
0
May-17
-40%
Mar-17
4,200
100
Feb-17
4,400
-20%
200
Jan-17
0%
300
Change %(RHS)
4,800
Nov-16
20%
400
Dec-16
500
Clinker Inventories('000 Ton)(LHS)
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
600
Aug-16
700
7% 6% 5% 4% 3% 2% 1% 0% -1% -2% -3% -4%
Qassim Cement
1,000
15%
20%
800
0%
600
-20%
400
-40%
200
-60%
0
Change %(RHS) 25%
10% 5% 0% -5%
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Feb-17
Mar-17
-10%
Jan-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
0
Sep-16
100
20%
40%
Clinker Inventories('000 Ton)(LHS)
Dec-16
200
1,200
Oct-16
300
1,400
60%
Nov-16
400
80%
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
500
-15%
Souhtern Cement
0%
500
Aug-17
Jul-17
Jun-17
-5%
May-17
0
Apr-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
0
-100%
5%
1,000
Feb-17
-50%
100
10%
1,500
Mar-17
200
25%
15%
2,000
Jan-17
0%
300
Change %(RHS)
20%
Dec-16
400
Clinker Inventories('000 Ton)(LHS)
2,500
Oct-16
50%
500
3,000
Nov-16
600
100%
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
700
-10%
Yanbu Cement
5
25% 20% 15%
2,500
10%
2,000
5%
1,500
0%
1,000
-5%
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Feb-17
Mar-17
-15%
Jan-17
-10%
0
Dec-16
500
Oct-16
-100%
Change %(RHS)
3,000
Nov-16
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
0
Dec-16
-50%
Nov-16
200
Oct-16
0%
Sep-16
400
Clinker Inventories('000 Ton)(LHS)
3,500
Sep-16
50%
600
4,000
Aug-16
Change %(RHS) 100%
Dispatches ('000 Ton)(LHS)
800
Source: Yamamah Cement Company, AlJazira Research
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Cement Dispatches for August 2017 September 2017 Saudi Cement Sector | Monthly Report | August 2017
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Dispatches & Change Arabian Cement Dispatches ('000 Ton)(LHS)
400
Change %(RHS)
100%
300
Clinker Inventories('000 Ton)(LHS)
800
Change %(RHS)
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Jan-17
Feb-17
-40%
Dec-16
0
Nov-16
-100%
-20%
Oct-16
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Nov-16
Dec-16
Oct-16
Sep-16
-50%
0%
200
Sep-16
100
20%
400
Aug-16
0%
60% 40%
600
50%
200
0
150%
Eastern Co EasternCement Cement Dispatches ('000 Ton)(LHS)
Change %(RHS)
Clinker Inventories('000 Ton)(LHS)
Change %(RHS)
10%
4%
100
1,000
2%
50
-40%
0
-60%
0%
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Jan-17
Feb-17
Dec-16
Nov-16
Oct-16
0
Sep-16
500
Aug-16
Oct-16
Sep-16
Aug-17
1,500
-20%
Jul-17
0%
Jun-17
150
May-17
6%
Apr-17
8%
2,000
Mar-17
2,500
20%
Feb-17
40%
200
Jan-17
250
Nov-16
3,000
Dec-16
60%
300
-2%
Najran Cement 3,100
60%
3,000
-6%
Aug-17
2,400
Jul-17
-4%
Jun-17
-80%
2,500
May-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Nov-16
Dec-16
Oct-16
Sep-16
0
-60%
-2%
2,600
Apr-17
-40%
50
0%
2,700
Feb-17
-20%
2%
2,800
Mar-17
100
0%
Jan-17
20%
6% 4%
Dec-16
150
Change %(RHS)
2,900
Nov-16
40%
Clinker Inventories('000 Ton)(LHS)
Oct-16
200
80%
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
250
Northern Cement Dispatches ('000 Ton)(LHS)
150
Change %(RHS)
100%
Clinker Inventories('000 Ton)(LHS)
1,400
Change %(RHS)
1,200 50%
100
0% 50
-50%
30%
1,000
20%
800
10%
600
0%
400
-10%
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Feb-17
Mar-17
Jan-17
Dec-16
Nov-16
Oct-16
0
Sep-16
-100%
Aug-16
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Nov-16
Dec-16
Oct-16
Sep-16
200 0
40%
-20%
AlJouf Cement 250%
1,000
200%
800
150%
600
100%
400
50%
200
0%
300%
-50%
Aug-17
Jul-17
Jun-17
May-17
Apr-17
0
Feb-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Nov-16
Dec-16
Oct-16
Sep-16
-40%
Mar-17
0
Jan-17
-20%
Dec-16
0%
Nov-16
20%
50
6
1,200
40%
100
Change %(RHS)
1,400
60%
Oct-16
150
Clinker Inventories('000 Ton)(LHS)
80%
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
200
Source: Yamamah Cement Company, AlJazira Research
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Cement Dispatches for August 2017 September 2017 Saudi Cement Sector | Monthly Report | August 2017
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Dispatches & Change Tabuk Cement
0%
-2%
200
Aug-17
Jul-17
-4%
Jun-17
0
May-17
-100%
2%
400
Apr-17
Jul-17
Aug-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Sep-16
0
Oct-16
-50%
4%
600
Mar-17
50
6%
800
Jan-17
0%
8%
Feb-17
50%
12% 10%
1,000
Dec-16
100
Change %(RHS)
1,200
Oct-16
100%
Clinker Inventories('000 Ton)(LHS)
1,400
Nov-16
150%
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
150
-6%
City Co CityCement Cement 100% 50%
10%
100%
2,000
50%
1,500
0%
1,000
May-17
Aug-17
2,500
Jul-17
150%
Jun-17
-15%
Apr-17
0
Mar-17
-10%
-100%
Jan-17
-5%
200
Feb-17
0%
400
Dec-16
5%
Oct-16
Jul-17
Aug-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
15%
1,000 600
-50%
Sep-16
0
20%
800
0% 200
Change %(RHS)
1,200
Nov-16
400
Clinker Inventories('000 Ton)(LHS)
1,400
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
600
Hail Cement
Aug-17
Jul-17
Jun-17
May-17
0
0%
Apr-17
-100%
Mar-17
Jul-17
Aug-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
0
2%
500
Jan-17
-50%
20
4%
Feb-17
40
6%
Dec-16
60
12% 8%
Oct-16
80
Change %(RHS)
10%
Nov-16
100
Clinker Inventories('000 Ton)(LHS)
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
120
-2%
Riyadh Cement Dispatches ('000 Ton)(LHS)
Change %(RHS)
80%
350
60%
300
40%
250
Clinker Inventories('000 Ton)(LHS)
2,000
Change %(RHS)
2%
1,500
0%
20%
-4%
500
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
0
-6%
Dec-16
Jul-17
Aug-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
-60%
Nov-16
0
Oct-16
-40%
Sep-16
50
Nov-16
100
-2%
1,000
Oct-16
-20%
Sep-16
0%
150
Aug-16
200
4%
-8%
Safwa Cement
7
100
-60%
0
0%
Aug-17
-40%
10%
Jul-17
200
Jun-17
-20%
20%
May-17
300
Apr-17
0%
30%
Mar-17
Jul-17
Aug-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
50
400
Jan-17
100
20%
Feb-17
150
50% 40%
500
Dec-16
40%
Change %(RHS)
600
Oct-16
60%
Clinker Inventories('000 Ton)(LHS)
700
Nov-16
80%
200
0
100%
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
250
-10%
Source: Yamamah Cement Company, AlJazira Research
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RESEARCH DIVISION
Head of Research
RESEARCH DIVISION
BROKERAGE AND INVESTMENT CENTERS DIVISION
Talha Nazar
Sultan Al Kadi, CAIA
Analyst
Jassim Al-Jubran
+966 11 2256250 [email protected]
+966 11 2256374 [email protected]
Analyst
Analyst
Waleed Al-jubayr
Muhanad Al-Odan
+966 11 2256146 [email protected]
+966 11 2256115 [email protected]
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 [email protected]
+966 11 2256277 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
+966 11 2256248 [email protected]
+966 12 6618443 [email protected]
Central Region
Sultan Ibrahim AL-Mutawa
Abdullah Al-Rahit
+966 11 2256364 [email protected]
+966 16 3617547 [email protected]
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. 1.
RATING TERMINOLOGY
Analyst
2. 3. 4.
Overweight: This rating implies that the stock is currently trading at a discount to its 12 months price target. Stocks rated “Overweight” will typically provide an upside potential of over 10% from the current price levels over next twelve months. 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. 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. 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.
Disclaimer The purpose of producing this report is to present a general view on the company/economic sector/economic subject under research, and not to recommend a buy/sell/hold for any security or any other assets. Based on that, this report does not take into consideration the specific financial position of every investor and/or his/her risk appetite in relation to investing in the security or any other assets, and hence, may not be suitable for all clients depending on their financial position and their ability and willingness to undertake risks. It is advised that every potential investor seek professional advice from several sources concerning investment decision and should study the impact of such decisions on his/her financial/legal/tax position and other concerns before getting into such investments or liquidate them partially or fully. The market of stocks, bonds, macroeconomic or microeconomic variables are of a volatile nature and could witness sudden changes without any prior warning, therefore, the investor in securities or other assets might face some unexpected risks and fluctuations. All the information, views and expectations and fair values or target prices contained in this report have been compiled or arrived at by Aljazira Capital from sources believed to be reliable, but Aljazira Capital has not independently verified the contents obtained from these sources and such information may be condensed or incomplete. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this report. Aljazira Capital shall not be liable for any loss as that may arise from the use of this report or its contents or otherwise arising in connection therewith. The past performance of any investment is not an indicator of future performance. Any financial projections, fair value estimates or price targets and statements regarding future prospects contained in this document may not be realized. The value of the security or any other assets or the return from them might increase or decrease. Any change in currency rates may have a positive or negative impact on the value/return on the stock or securities mentioned in the report. The investor might get an amount less than the amount invested in some cases. Some stocks or securities maybe, by nature, of low volume/trades or may become like that unexpectedly in special circumstances and this might increase the risk on the investor. Some fees might be levied on some investments in securities. This report has been written by professional employees in Aljazira Capital, and they undertake that neither them, nor their wives or children hold positions directly in any listed shares or securities contained in this report during the time of publication of this report, however, The authors and/or their wives/children of this document may own securities in funds open to the public that invest in the securities mentioned in this document as part of a diversified portfolio over which they have no discretion. This report has been produced independently and separately by the Research Division at Aljazira Capital and no party (in-house or outside) who might have interest whether direct or indirect have seen the contents of this report before its publishing, except for those whom corporate positions allow them to do so, and/or third-party persons/institutions who signed a non-disclosure agreement with Aljazira Capital. Funds managed by Aljazira Capital and its subsidiaries for third parties may own the securities that are the subject of this document. Aljazira Capital or its subsidiaries may own securities in one or more of the aforementioned companies, and/or indirectly through funds managed by third parties. The Investment Banking division of Aljazira Capital maybe in the process of soliciting or executing fee earning mandates for companies that is either the subject of this document or is mentioned in this document. One or more of Aljazira Capital board members or executive managers could be also a board member or member of the executive management at the company or companies mentioned in this report, or their associated companies. No part of this report may be reproduced whether inside or outside the Kingdom of Saudi Arabia without the written permission of Aljazira Capital. Persons who receive this report should make themselves aware, of and adhere to, any such restrictions. By accepting this report, the recipient agrees to be bound by the foregoing limitations.
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Cement dispatches: According to the data released by Yamamah Cement Co, cement dispatches for the month of August-2017 stood at 3.72mn tons, compared to 4.41mn tons in August-2016, depicting a decline of 15.5%YoY, but a growth of 6.6%MoM. We believe that the YoY decline is ascribed to the continued pressure on the sectors fundamentals. Clinker inventory continued to increase reaching the highest level at 33.37mn ton, depicting an increase of 31.9%YoY. For 8M-2017 cement dispatches stood at 32.1mn ton compared to 39.3mn ton in 8M-2016, depicting a decline of 18.3%YoY. Cement dispatches are expected to decline by 15%-16%, in FY 2017, due to slow recovery in the systems liquidity, and lower allocation of new project; however, the sector is expected to show signs of recovery over 2018 and into 2019 along with improvement in crude oil prices and a general improvement in sentiment will drive the economy during 2018/2019.
Change in Cement Dispatches
Source: Yamama Cement, AlJazira Capital
5,000
Change %(RHS)
Dispatches (1000 Ton)(LHS)
80%
4,500
60%
4,000
40%
3,500
20%
Utilization Rate (TTM)
as compared to 3.49MT in July 2017.
76.7%
75.0%
74.7%
2017
compared
73.3%
71.9%
70.5%
Apr-17
Mar-17
Change in Clinker Inventories
Aug-17
68.3% 68.6% 67.8%
Source: Yamama Cement, AlJazira Capital
35,000
10% 8% 6%
30,000
4% 2%
25,000
Clinker
Inventories
showed
an increase of 2.7%MoM and stood at 33.37MT compared to 32.49MT in July 2017.
0%
Total Invetories (1000 Ton)(LHS)
1
Change %(RHS)
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
Aug-16
-2% 20,000
to
83.6% in August 2016.
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
Jul-17
August
70.0%
Aug-16
Jun-17
sector declined to 67.8% in 78.0%
Aug-17
80.0%
Utilization rate of Saudi cement 79.8%
Jul-17
81.3%
Jun-17
82.5%
Source: Yamama Cement, AlJazira Capital
May-17
83.6%
May-17
Apr-17
Mar-17
Sep-16
Feb-17
-60%
Jan-17
1,500
Dec-16
-40%
Nov-16
2,000
Oct-16
-20%
Aug-16
2,500
65.0%
6.6%MoM, standing at 3.72MT
0%
3,000
85.0%
Cement dispatches rose by
-4%
Analyst
Waleed Al-jubayr +966 11 2256146 [email protected]
© All rights reserved
Cement Dispatches for August 2017 September 2017 Saudi Cement Sector | Monthly Report | August 2017
Cement Dispatches for August 2017
Please read Disclaimer on the back
Source: Yamama Cement , AlJazira Capital
650
3.0%
550 450
-17.0%
350 -37.0%
250
Hail
AlSafwa
AlJouf
Northern
City
YoY Change (%) -RHS
Cement Dispatches for 8M-2017
-57.0%
United Cement
Aug - 17
Umm AlQura
Aug -16
Najran
Riyadh
Tabuk
Southern
Arabian
Yanbu
Qassim
Eastern
Saudi
50
Yamamah
150
10.0%
4,350
-10.0%
3,800 3,250 2,700
-30.0%
2,150 1,600
Sales / Production for 8M-2017
-50.0%
United Cement
Hail
AlSafwa
AlJouf
Northern
City
YoY Change (%) -RHS
Umm AlQura
8M-17
Najran
Riyadh
Tabuk
Southern
Arabian
Yanbu
Qassim
Eastern
Saudi
Yamamah
1,050
show
a
YoY
increase of 2.5%. While Najran cement declined the most by 53.4%YoY, followed by Saudi cement and Riyadh cement with decline of 33.7%YoY and
For 8M-2017, city cement was the only company to show growth (7.4% YoY). While Northern cement and Najran cement showed a decline of 47.4%YoY and 44.8%YoY respectively.
Source: Yamama Cement , AlJazira Capital
140.0%
Riyadh cement and Yamama
120.0%
cement showed the highest
100.0%
cement
/
clinker
and 111.6% respectively. On
60.0%
Sales / Production
Clinker Inventories
United Cement
Umm AlQura
Hail
AlSafwa
AlJouf
Northern
City
Najran
Riyadh
Tabuk
Southern
Arabian
Yanbu
Qassim
Eastern
Saudi
the other hand, Hail cement Yamamah
40.0%
sales
production ratio of 134.8%
80.0%
and
Umm
AlQura
cement
showed a cement sales/ clinker production ratio of 49.3% and 67.5% respectively.
Source: Yamama Cement , AlJazira Capital
AlSafwa cement showed the
© All rights reserved
Hail
AlSafwa
AlJouf
YoY Change (%) -RHS
United Cement
Aug-17
Umm AlQura
Aug-16
Northern
hand, Riyadh cement showed a
City
of 142.3%YoY. On the other
-40.0%
Najran
10.0%
Riyadh
1000
Tabuk
60.0%
Southern
2000
Arabian
110.0%
Yanbu
3000
Qassim
160.0%
Eastern
4000
Saudi
210.0%
Yamamah
5000
0
2
to
Source: Yamama Cement , AlJazira Capital
4,900
8M-16
company
33.5%YoY, respectively.
5,450
500
Qassim cement was the only
highest increase of 196.4%YoY in
its
inventories
level,
followed by Southern cement which
showed
an
increase
decline of 19.9%YoY, followed by AlJouf cement with a decline of 10.9%YoY.
Cement Dispatches for August 2017 September 2017 Saudi Cement Sector | Monthly Report | August 2017
Please read Disclaimer on the back
Market Share – August 2017
Source: Yamama Cement , AlJazira Capital
15.0%
20.0%
13.0% 11.0%
0.0%
9.0% 7.0%
-20.0%
5.0%
YoY Change
Market Share TTM
United Cement
Hail
AlSafwa
AlJouf
Northern
City
Najran
Riyadh
Market Share Aug-17
Umm AlQura
Market Share Aug-16
Tabuk
Southern
Arabian
Yanbu
Qassim
Eastern
Saudi
1.0%
Yamamah
3.0%
-40.0%
Southern and Yanbu cement recorded the highest market share in August 2017 of 12.6% and 12.4%, respectively. While Tabuk cement, recorded the lowest market share of 2.1%. Qassim cement showed the highest increase in its market share from 7.2% to 8.7%, while Najran cement showed a decline in its market share standing at 3.0% from 5.4% in August 2016.
Source: Yamama Cement , AlJazira Capital
Yanbu
Southern
Saudi
Yamamah
Qassim
Riyadh
Eastern
6.8%
Hail
Umm AlQura
highest market share of 12.3%
7.5%
EV / Ton (in ‘000 SAR)
and 11.9% followed by Saudi
11.4%
6.4%
United Cement
Tabuk
Southern cement recorded the
4.6%
AlJouf
Northern
On TTM basis, Yanbu and 11.9%
4.0%
Najran
AlSafwa
12.3%
3.2% 3.7%
Arabian
City
1.7%
2.1% 2.3% 2.3%
2.4%
cement with market share of 11.4%.
9.7% 7.8%
Source: Bloomberg, Yamama Cement , AlJazira Capital
900.0
AlJouf cement recorded the highest EV/Ton of SAR 990.2,
700.0
followed
by Tabuk
cement
with EV/Ton of SAR 981.2. On
500.0
Sector EV/Ton
EV/Ton
P/E & P/BV
Umm AlQura
Hail
AlJouf
Northern
City
Najran
Tabuk
Arabian
Yanbu
Qassim
Eastern
Saudi
Yamamah
Southern
the other hand, Najran cement 300.0
SAR 412.6.
Source: TADAWUL , AlJazira Capital
45.00 2.50
35.00
2.00
25.00
Saudi Cement recorded the lowest P/E of 10.56x, followed by Eastern cement with P/E of
© All rights reserved
P/BV (RHS)
Umm AlQura
Hail
AlJouf
Northern
City
Najran
Tabuk
Southern
Arabian
P/E of 42.69x. AlJouf cement
Yanbu
0.50
Qassim
cement recorded the highest
5.00
Eastern
1.00
Saudi
11.29x. On the other hand, Najran
15.00
Yamamah
1.50
P/E (LHS)
3
recorded the lowest EV/Ton of
recorded the lowest P/BV of 0.63x, while Saudi cement recorded the highest P/BV of 2.54x.
Cement Dispatches for August 2017 September 2017 Saudi Cement Sector | Monthly Report | August 2017
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Company News & Events Company Name
Date of Announcement
Northern Cement
16-08-2017
Arabian Cement
08-08-2017
Corporate Event & Announcement Northern Region Cement Co. has received a cement export license, valid for one year, from Saudi Arabia’s Ministry of Commerce and Investment. Arabian Cement’s board of directors has recommended cash dividend of SAR 1.00 per share for 1H-2017. Al-Jouf Cement announced the results of the General Assembly meeting on 1707-2017, where the company approved the recommendation to increase the
AlJouf Cement
17-07-2017
company’s capital from SAR 1.3bn to SAR 1.43bn by 10% by transferring SAR 130mn of retained earnings. The number of shares before the increase is 130mn shares. An increase of 13mn shares through the granting of bonus shares at a rate of one share per ten shares.
Southern Cement
10-07-2017
Qassim Cement
05-07-2017
Yanbu Cement
02-07-2017
Southern Cement’s board of directors has recommended cash dividend of SAR 1.00 per share for 1H-2017. Qassim Cement’s board of directors has recommended cash dividend of SAR 0.65 per share for 2Q-2017. Yanbu Cement’s board of directors has recommended cash dividend of SAR 0.75 per share for 1H- 2017. Tabuk cement announced that it started the commercial production for its second
Tabuk Cement
22-06-2017
production line; however both production lines cannot be operated simultaneously, due to limited fuel allocation. Yamama Cement Co. signed an agreement with the National Commercial Bank
Yamama Cement
20-06-2017
(NCB) and Samba Financial Group to increase secured facilities to SAR 3.6bn from SAR 1bn, and extend the maturity date to January, 2025. Najran Cement’s board of directors approved to put on hold plans for setting up limited liability companies for mining and transport services. The establishment of
Najran Cement
25-05-2017
the mining firm was postponed as the ministry of mineral resources has suspended issuance of new mining licenses until law amendments are finalized. Plans for the transport company were also shelved due to the current market conditions.
Hail Cement
16-05-2017
Hail Cement Co. has received a new cement export license, valid for one year, from Saudi Arabia’s Ministry of Commerce and Investment. Source: The Saudi Stock Exchange - Tadawul
4
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Cement Dispatches for August 2017 September 2017 Saudi Cement Sector | Monthly Report | August 2017
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Dispatches & Change Yamama Cement
Aug-17
Jul-17
Jun-17
-6%
May-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
-60%
-4%
Apr-17
-40%
100
-2%
Mar-17
-20%
200
0%
Feb-17
5,000
0%
300
6%
2%
Jan-17
5,200
40%
20%
Dec-16
400
Change %(RHS)
4%
Nov-16
60%
40%
Clinker Inventories('000 Ton)(LHS)
Oct-16
-80%
60%
500
0
4,500 4,400 4,300 4,200 4,100 4,000 3,900 3,800 3,700 3,600 3,500 3,400
80%
Aug-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
600
-8%
Saudi Co SaudiCement Cement
4,600
Aug-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Nov-16
Dec-16
Oct-16
Sep-16
Jul-17
3,800
Jun-17
-60%
Apr-17
4,000
0
May-17
-40%
Mar-17
4,200
100
Feb-17
4,400
-20%
200
Jan-17
0%
300
Change %(RHS)
4,800
Nov-16
20%
400
Dec-16
500
Clinker Inventories('000 Ton)(LHS)
Oct-16
Change %(RHS)
Sep-16
Dispatches ('000 Ton)(LHS)
600
Aug-16
700
7% 6% 5% 4% 3% 2% 1% 0% -1% -2% -3% -4%
Qassim Cement
1,000
15%
20%
800
0%
600
-20%
400
-40%
200
-60%
0
Change %(RHS) 25%
10% 5% 0% -5%
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Feb-17
Mar-17
-10%
Jan-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
0
Sep-16
100
20%
40%
Clinker Inventories('000 Ton)(LHS)
Dec-16
200
1,200
Oct-16
300
1,400
60%
Nov-16
400
80%
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
500
-15%
Souhtern Cement
0%
500
Aug-17
Jul-17
Jun-17
-5%
May-17
0
Apr-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
0
-100%
5%
1,000
Feb-17
-50%
100
10%
1,500
Mar-17
200
25%
15%
2,000
Jan-17
0%
300
Change %(RHS)
20%
Dec-16
400
Clinker Inventories('000 Ton)(LHS)
2,500
Oct-16
50%
500
3,000
Nov-16
600
100%
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
700
-10%
Yanbu Cement
5
25% 20% 15%
2,500
10%
2,000
5%
1,500
0%
1,000
-5%
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Feb-17
Mar-17
-15%
Jan-17
-10%
0
Dec-16
500
Oct-16
-100%
Change %(RHS)
3,000
Nov-16
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
0
Dec-16
-50%
Nov-16
200
Oct-16
0%
Sep-16
400
Clinker Inventories('000 Ton)(LHS)
3,500
Sep-16
50%
600
4,000
Aug-16
Change %(RHS) 100%
Dispatches ('000 Ton)(LHS)
800
Source: Yamamah Cement Company, AlJazira Research
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Cement Dispatches for August 2017 September 2017 Saudi Cement Sector | Monthly Report | August 2017
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Dispatches & Change Arabian Cement Dispatches ('000 Ton)(LHS)
400
Change %(RHS)
100%
300
Clinker Inventories('000 Ton)(LHS)
800
Change %(RHS)
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Jan-17
Feb-17
-40%
Dec-16
0
Nov-16
-100%
-20%
Oct-16
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Nov-16
Dec-16
Oct-16
Sep-16
-50%
0%
200
Sep-16
100
20%
400
Aug-16
0%
60% 40%
600
50%
200
0
150%
Eastern Co EasternCement Cement Dispatches ('000 Ton)(LHS)
Change %(RHS)
Clinker Inventories('000 Ton)(LHS)
Change %(RHS)
10%
4%
100
1,000
2%
50
-40%
0
-60%
0%
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Jan-17
Feb-17
Dec-16
Nov-16
Oct-16
0
Sep-16
500
Aug-16
Oct-16
Sep-16
Aug-17
1,500
-20%
Jul-17
0%
Jun-17
150
May-17
6%
Apr-17
8%
2,000
Mar-17
2,500
20%
Feb-17
40%
200
Jan-17
250
Nov-16
3,000
Dec-16
60%
300
-2%
Najran Cement 3,100
60%
3,000
-6%
Aug-17
2,400
Jul-17
-4%
Jun-17
-80%
2,500
May-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Nov-16
Dec-16
Oct-16
Sep-16
0
-60%
-2%
2,600
Apr-17
-40%
50
0%
2,700
Feb-17
-20%
2%
2,800
Mar-17
100
0%
Jan-17
20%
6% 4%
Dec-16
150
Change %(RHS)
2,900
Nov-16
40%
Clinker Inventories('000 Ton)(LHS)
Oct-16
200
80%
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
250
Northern Cement Dispatches ('000 Ton)(LHS)
150
Change %(RHS)
100%
Clinker Inventories('000 Ton)(LHS)
1,400
Change %(RHS)
1,200 50%
100
0% 50
-50%
30%
1,000
20%
800
10%
600
0%
400
-10%
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Feb-17
Mar-17
Jan-17
Dec-16
Nov-16
Oct-16
0
Sep-16
-100%
Aug-16
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Nov-16
Dec-16
Oct-16
Sep-16
200 0
40%
-20%
AlJouf Cement 250%
1,000
200%
800
150%
600
100%
400
50%
200
0%
300%
-50%
Aug-17
Jul-17
Jun-17
May-17
Apr-17
0
Feb-17
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Nov-16
Dec-16
Oct-16
Sep-16
-40%
Mar-17
0
Jan-17
-20%
Dec-16
0%
Nov-16
20%
50
6
1,200
40%
100
Change %(RHS)
1,400
60%
Oct-16
150
Clinker Inventories('000 Ton)(LHS)
80%
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
200
Source: Yamamah Cement Company, AlJazira Research
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Cement Dispatches for August 2017 September 2017 Saudi Cement Sector | Monthly Report | August 2017
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Dispatches & Change Tabuk Cement
0%
-2%
200
Aug-17
Jul-17
-4%
Jun-17
0
May-17
-100%
2%
400
Apr-17
Jul-17
Aug-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Sep-16
0
Oct-16
-50%
4%
600
Mar-17
50
6%
800
Jan-17
0%
8%
Feb-17
50%
12% 10%
1,000
Dec-16
100
Change %(RHS)
1,200
Oct-16
100%
Clinker Inventories('000 Ton)(LHS)
1,400
Nov-16
150%
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
150
-6%
City Co CityCement Cement 100% 50%
10%
100%
2,000
50%
1,500
0%
1,000
May-17
Aug-17
2,500
Jul-17
150%
Jun-17
-15%
Apr-17
0
Mar-17
-10%
-100%
Jan-17
-5%
200
Feb-17
0%
400
Dec-16
5%
Oct-16
Jul-17
Aug-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
15%
1,000 600
-50%
Sep-16
0
20%
800
0% 200
Change %(RHS)
1,200
Nov-16
400
Clinker Inventories('000 Ton)(LHS)
1,400
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
600
Hail Cement
Aug-17
Jul-17
Jun-17
May-17
0
0%
Apr-17
-100%
Mar-17
Jul-17
Aug-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
0
2%
500
Jan-17
-50%
20
4%
Feb-17
40
6%
Dec-16
60
12% 8%
Oct-16
80
Change %(RHS)
10%
Nov-16
100
Clinker Inventories('000 Ton)(LHS)
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
120
-2%
Riyadh Cement Dispatches ('000 Ton)(LHS)
Change %(RHS)
80%
350
60%
300
40%
250
Clinker Inventories('000 Ton)(LHS)
2,000
Change %(RHS)
2%
1,500
0%
20%
-4%
500
Aug-17
Jul-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
0
-6%
Dec-16
Jul-17
Aug-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
-60%
Nov-16
0
Oct-16
-40%
Sep-16
50
Nov-16
100
-2%
1,000
Oct-16
-20%
Sep-16
0%
150
Aug-16
200
4%
-8%
Safwa Cement
7
100
-60%
0
0%
Aug-17
-40%
10%
Jul-17
200
Jun-17
-20%
20%
May-17
300
Apr-17
0%
30%
Mar-17
Jul-17
Aug-17
Jun-17
May-17
Apr-17
Mar-17
Feb-17
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
50
400
Jan-17
100
20%
Feb-17
150
50% 40%
500
Dec-16
40%
Change %(RHS)
600
Oct-16
60%
Clinker Inventories('000 Ton)(LHS)
700
Nov-16
80%
200
0
100%
Sep-16
Change %(RHS)
Aug-16
Dispatches ('000 Ton)(LHS)
250
-10%
Source: Yamamah Cement Company, AlJazira Research
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RESEARCH DIVISION
Head of Research
RESEARCH DIVISION
BROKERAGE AND INVESTMENT CENTERS DIVISION
Talha Nazar
Sultan Al Kadi, CAIA
Analyst
Jassim Al-Jubran
+966 11 2256250 [email protected]
+966 11 2256374 [email protected]
Analyst
Analyst
Waleed Al-jubayr
Muhanad Al-Odan
+966 11 2256146 [email protected]
+966 11 2256115 [email protected]
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 [email protected]
+966 11 2256277 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
+966 11 2256248 [email protected]
+966 12 6618443 [email protected]
Central Region
Sultan Ibrahim AL-Mutawa
Abdullah Al-Rahit
+966 11 2256364 [email protected]
+966 16 3617547 [email protected]
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2. 3. 4.
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