National Industrialization Co. (TASNEE) - Aljazira Capital
National Industrialization Co. (TASNEE) Result Flash Note 2Q-2016
July 2016
Please read Disclaimer on the back
TASNEE: 2Q2016 earnings were better than our estimates, higher than expected gross margin and income of associated companies supported the company’s performance. “Overweight” recommendation on the stock with higher PT. Actual 2Q-16 3,809.9 103.9 0.16
Deviation (%) -0.8% -
Product spreads in petrochemical and SAR 94.9mn other income to lower the impact of higher finance expenses and OPEX in 2Q2016: National Industrialization Company (TASNEE) continued to surprise us after five consecutive quarters of losses, missing AJC loss estimates of SAR 61.7mn and the market consensus of SAR 6.0mn profit. TASNEE posted net profit of SAR 103.9mn; (EPS; SAR 0.16); compared with losses of SAR 107.7mn in 2Q2015, and a net loss of SAR 94.8mn in the previous quarter. We believe that the company’s performance during 2Q2016 was largely improved by i) higher than expected margin expansion for some products in petrochemical segments. ii) higher income from associated company, which improved to SAR 94.9mn compared to SAR 10mn in 1Q2016 as a result of the restructuring of the company’s business in 2015. iii) improved product prices and despite the increase in finance expenses to SAR 191mn vs. SAR 154.6mn in 2Q2015 and SAR 175.8mn in 1Q2016. Tasnee’s sales in 2Q2016 stood at SAR 3,809.9mn, slightly in-line with our estimates of SAR 3,839.7mn. The plant was running at the same level of operating rate in 1Q2016, and we expect that the commencement of commercial operation of Butanol plant had positively impacted the overall performance of Acrylic plant and reduced production cost. Therefore, we expect a more improved performance in 2016 and we remain optimistic in the next two quarters due to continued improvement after the completion of business restructuring. Gross profit stood at SAR 845.4mn, recording gross margin of 22.2% in 1Q2016, as compared to 19.7% in 2Q2015, and 17.7% in 1Q2016. This gross margin is well above AJC estimates of 18.1%, which can be attributed to higher than expected product spreads, and the expected lower production cost of Acrylic plant. Operating profit stood at SAR 363.6mn depicting an increase of 97.6%YoY, and 71.7%QoQ. The company recorded higher OPEX expenses by SAR 41.5mn in 2Q2016 to stand at SAR 500.5mn from SAR 459mn in 1Q2016, but 11%YoY decline due to the implementation of cost improvement programs in 2015. During the quarter, average selling prices of TiO2-Asia increased by 4.0%QoQ, but declined by 17.1%YoY. Polypropylene increased by 12.1%QoQ and fell 23.2%YoY. HDPE prices fell by 16.3%YoY and increased 2.4%QoQ. However, Acetic Acid (AA) recorded a decline by 4.3%QoQ and 33.9%YoY. The margin of industrial segment has improved in 2Q2016 due to an increase in selling prices; and expected to be back with more normalized performance at the end of 2016 and after the commercial start-up of ilmenite plant, which could reduce the production cost of industrial segment. Petrochemical segment witnessed expanded margin in 2Q2016 due to decline in some feedstock cost: The company benefitted from the high spreads across products based propane (almost 60% of feedstock). In 2Q2016, Saudi propane prices rose only by 7.4%QoQ to an average price of USD 325 per MT. However, polypropylene prices increased by more than 13.5%QoQ. Consequently, lower increase in propane price than Polypropylene prices led to expansion in PP-Propane spreads in 2Q2016. PP-Propane spread expanded 13.9%QoQ. We update our recommendation to “Overweight” on Tasnee with a higher PT of SAR 15.20/share indicating a potential upside of 12.2%: TASNEE Co. is expected to post SAR 368.3mn in net income (0.55 EPS) for 2016, recording shift to profitability due to number of one-offs and higher restructuring cost in 2015. Therefore, we update our recommendation to “Overweight” for the stock with higher target price at SAR 15.20/ share; indicating a potential upside of 12.2% over current market price of SAR 13.55/ share (as of 27th July 2016). The company is trading at a forward PE and PB of 12.4x and 0.56x respectively based on our 2017 earnings forecast. We expect the company to stop its dividend payment in 2016/2017 due to low level of satisfactory performance in the industrial segment. At the end of 1Q2016, TASNEE’s debt-to-equity ratio stood at 1.55x, with debt of around SAR 21.3bn, and cash and equivalents of SAR 2.5bn.
1
© All rights reserved
13.55 15.20
Target Price (SAR)
12.2%
Upside / (Downside)
*prices as of 27th of July 2016
Key Financials FY14
SARmn (unless specified) Revenues Growth % Net Income Growth % EPS
18,693 2.7% 1,071 -9.1% 1.60
FY15
FY16E FY17E
15,090 16,075 -19.3% 6.1% (1,426) 368.3 (1.52) 0.55
17,798 10.7% 730.8 98.4% 1.09
Source: Company reports, Aljazira Capital
Key Ratios SARmn (unless specified) FY14
FY15
Gross Margin EBITDA Margin Net Margin P/E P/B EV/EBITDA (x) ROE ROA Dividend Yield
13.8% 21.1% 12.0% 20.3% -9.5% 2.3% (6.99) 24.61x 0.40x 0.59x 13.77x 8.89x -5.5% 2.5% -2.2% 0.8% -
24.7% 23.2% 5.7% 16.50 0.93x 8.45x 5.6% 2.2% 3.8%
FY16E FY17E 22.2% 20.0% 4.1% 12.40x 0.56x 7.61x 4.6% 1.6% -
Source: Company reports, Aljazira Capital
Key Market Data Market Cap (bn) YTD % 52 Week (High ) 52 Week (Low) Shares Outstanding (mn)
9.09 28.2% 18.60 7.50 668.91 Source: Company reports, Aljazira Capital
Shareholders Pattern Shareholders Pattern General Organization for Social Insurance Kingdom Holding Co. Saudi Pharmaceutical Industries Gulf Investment Corporation Al Shaer for Trading Icarus Industrial Holding Company Public
Holding 8.69% 6.23% 5.24% 6.52% 7.21% 5.19% 60.92%
Source: Company reports, Aljazira Capital
Price Performance 11000
37.5
10000
32.5
9000
27.5
8000
22.5
7000
17.5
6000
12.5
5000
7.5
29 /1 4 8/ 29 / 10 14 /2 9/ 12 14 /2 9/ 14 2/ 28 /1 5 4/ 30 /1 5 6/ 30 /1 5 8/ 31 / 10 15 /3 1/ 12 15 /3 1/ 15 2/ 29 /1 6 4/ 30 /1 6 6/ 30 /1 6
Forecasts 2Q-16 3,839.7 (61.7) (0.09)
‘Overweight’
Current Price* (SAR)
6/
Amount in SAR mn; unless specified Sales revenues Net profit EPS (SAR)
Recommendation
Tadawul
TASNEE
Source: Bloomberg, Aljazira Capital
Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
RESEARCH DIVISION
Acting Head of Research
Talha Nazar +966 11 2256115 [email protected]
+966 11 2256374 [email protected]
Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
Waleed Al-jubayr +966 11 2256146 [email protected]
BROKERAGE AND INVESTMENT CENTERS DIVISION RESEARCH DIVISION
Sultan Al Kadi
Analyst
General Manager – Brokerage Services &
AGM-Head of international and institutional
AGM- Head of Western and Southern Region Investment Centers & ADC
sales
brokerage
Brokerage
Alaa Al-Yousef
Luay Jawad Al-Motawa
Abdullah Q. Al-Misbani
+966 11 2256060 [email protected]
+966 11 2256277 [email protected]
+966 12 6618400 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
Central Region
Abdullah Al-Rahit
Sultan Ibrahim AL-Mutawa
+966 16 3617547 [email protected]
+966 11 2256364 [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.
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
July 2016
Please read Disclaimer on the back
TASNEE: 2Q2016 earnings were better than our estimates, higher than expected gross margin and income of associated companies supported the company’s performance. “Overweight” recommendation on the stock with higher PT. Actual 2Q-16 3,809.9 103.9 0.16
Deviation (%) -0.8% -
Product spreads in petrochemical and SAR 94.9mn other income to lower the impact of higher finance expenses and OPEX in 2Q2016: National Industrialization Company (TASNEE) continued to surprise us after five consecutive quarters of losses, missing AJC loss estimates of SAR 61.7mn and the market consensus of SAR 6.0mn profit. TASNEE posted net profit of SAR 103.9mn; (EPS; SAR 0.16); compared with losses of SAR 107.7mn in 2Q2015, and a net loss of SAR 94.8mn in the previous quarter. We believe that the company’s performance during 2Q2016 was largely improved by i) higher than expected margin expansion for some products in petrochemical segments. ii) higher income from associated company, which improved to SAR 94.9mn compared to SAR 10mn in 1Q2016 as a result of the restructuring of the company’s business in 2015. iii) improved product prices and despite the increase in finance expenses to SAR 191mn vs. SAR 154.6mn in 2Q2015 and SAR 175.8mn in 1Q2016. Tasnee’s sales in 2Q2016 stood at SAR 3,809.9mn, slightly in-line with our estimates of SAR 3,839.7mn. The plant was running at the same level of operating rate in 1Q2016, and we expect that the commencement of commercial operation of Butanol plant had positively impacted the overall performance of Acrylic plant and reduced production cost. Therefore, we expect a more improved performance in 2016 and we remain optimistic in the next two quarters due to continued improvement after the completion of business restructuring. Gross profit stood at SAR 845.4mn, recording gross margin of 22.2% in 1Q2016, as compared to 19.7% in 2Q2015, and 17.7% in 1Q2016. This gross margin is well above AJC estimates of 18.1%, which can be attributed to higher than expected product spreads, and the expected lower production cost of Acrylic plant. Operating profit stood at SAR 363.6mn depicting an increase of 97.6%YoY, and 71.7%QoQ. The company recorded higher OPEX expenses by SAR 41.5mn in 2Q2016 to stand at SAR 500.5mn from SAR 459mn in 1Q2016, but 11%YoY decline due to the implementation of cost improvement programs in 2015. During the quarter, average selling prices of TiO2-Asia increased by 4.0%QoQ, but declined by 17.1%YoY. Polypropylene increased by 12.1%QoQ and fell 23.2%YoY. HDPE prices fell by 16.3%YoY and increased 2.4%QoQ. However, Acetic Acid (AA) recorded a decline by 4.3%QoQ and 33.9%YoY. The margin of industrial segment has improved in 2Q2016 due to an increase in selling prices; and expected to be back with more normalized performance at the end of 2016 and after the commercial start-up of ilmenite plant, which could reduce the production cost of industrial segment. Petrochemical segment witnessed expanded margin in 2Q2016 due to decline in some feedstock cost: The company benefitted from the high spreads across products based propane (almost 60% of feedstock). In 2Q2016, Saudi propane prices rose only by 7.4%QoQ to an average price of USD 325 per MT. However, polypropylene prices increased by more than 13.5%QoQ. Consequently, lower increase in propane price than Polypropylene prices led to expansion in PP-Propane spreads in 2Q2016. PP-Propane spread expanded 13.9%QoQ. We update our recommendation to “Overweight” on Tasnee with a higher PT of SAR 15.20/share indicating a potential upside of 12.2%: TASNEE Co. is expected to post SAR 368.3mn in net income (0.55 EPS) for 2016, recording shift to profitability due to number of one-offs and higher restructuring cost in 2015. Therefore, we update our recommendation to “Overweight” for the stock with higher target price at SAR 15.20/ share; indicating a potential upside of 12.2% over current market price of SAR 13.55/ share (as of 27th July 2016). The company is trading at a forward PE and PB of 12.4x and 0.56x respectively based on our 2017 earnings forecast. We expect the company to stop its dividend payment in 2016/2017 due to low level of satisfactory performance in the industrial segment. At the end of 1Q2016, TASNEE’s debt-to-equity ratio stood at 1.55x, with debt of around SAR 21.3bn, and cash and equivalents of SAR 2.5bn.
1
© All rights reserved
13.55 15.20
Target Price (SAR)
12.2%
Upside / (Downside)
*prices as of 27th of July 2016
Key Financials FY14
SARmn (unless specified) Revenues Growth % Net Income Growth % EPS
18,693 2.7% 1,071 -9.1% 1.60
FY15
FY16E FY17E
15,090 16,075 -19.3% 6.1% (1,426) 368.3 (1.52) 0.55
17,798 10.7% 730.8 98.4% 1.09
Source: Company reports, Aljazira Capital
Key Ratios SARmn (unless specified) FY14
FY15
Gross Margin EBITDA Margin Net Margin P/E P/B EV/EBITDA (x) ROE ROA Dividend Yield
13.8% 21.1% 12.0% 20.3% -9.5% 2.3% (6.99) 24.61x 0.40x 0.59x 13.77x 8.89x -5.5% 2.5% -2.2% 0.8% -
24.7% 23.2% 5.7% 16.50 0.93x 8.45x 5.6% 2.2% 3.8%
FY16E FY17E 22.2% 20.0% 4.1% 12.40x 0.56x 7.61x 4.6% 1.6% -
Source: Company reports, Aljazira Capital
Key Market Data Market Cap (bn) YTD % 52 Week (High ) 52 Week (Low) Shares Outstanding (mn)
9.09 28.2% 18.60 7.50 668.91 Source: Company reports, Aljazira Capital
Shareholders Pattern Shareholders Pattern General Organization for Social Insurance Kingdom Holding Co. Saudi Pharmaceutical Industries Gulf Investment Corporation Al Shaer for Trading Icarus Industrial Holding Company Public
Holding 8.69% 6.23% 5.24% 6.52% 7.21% 5.19% 60.92%
Source: Company reports, Aljazira Capital
Price Performance 11000
37.5
10000
32.5
9000
27.5
8000
22.5
7000
17.5
6000
12.5
5000
7.5
29 /1 4 8/ 29 / 10 14 /2 9/ 12 14 /2 9/ 14 2/ 28 /1 5 4/ 30 /1 5 6/ 30 /1 5 8/ 31 / 10 15 /3 1/ 12 15 /3 1/ 15 2/ 29 /1 6 4/ 30 /1 6 6/ 30 /1 6
Forecasts 2Q-16 3,839.7 (61.7) (0.09)
‘Overweight’
Current Price* (SAR)
6/
Amount in SAR mn; unless specified Sales revenues Net profit EPS (SAR)
Recommendation
Tadawul
TASNEE
Source: Bloomberg, Aljazira Capital
Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
RESEARCH DIVISION
Acting Head of Research
Talha Nazar +966 11 2256115 [email protected]
+966 11 2256374 [email protected]
Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
Waleed Al-jubayr +966 11 2256146 [email protected]
BROKERAGE AND INVESTMENT CENTERS DIVISION RESEARCH DIVISION
Sultan Al Kadi
Analyst
General Manager – Brokerage Services &
AGM-Head of international and institutional
AGM- Head of Western and Southern Region Investment Centers & ADC
sales
brokerage
Brokerage
Alaa Al-Yousef
Luay Jawad Al-Motawa
Abdullah Q. Al-Misbani
+966 11 2256060 [email protected]
+966 11 2256277 [email protected]
+966 12 6618400 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
Central Region
Abdullah Al-Rahit
Sultan Ibrahim AL-Mutawa
+966 16 3617547 [email protected]
+966 11 2256364 [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.
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
