Saudi Arabian Mining Co. (Ma'aden) - Aljazira Capital
Saudi Arabian Mining Co. (Ma’aden) Result Flash Note 3Q-2016
October 2016
Ma’aden: Q3-2016 results below estimates due to lower than expected sales and increase in finance charge; however, the company’s ability to achieve higher control on OPEX and a reduction in production costs contributes positively to our future outlook on MA’ADEN. “Neutral” recommendation is reiterated with higher PT. Amount in SAR mn; unless specified Sales revenues Net profit EPS (SAR)
Forecasts 3Q-16 2,360.6 116.50 0.10
Actual 3Q-16 2,316.1 83.59 0.07
Deviation (%) -1.8% -28.2% (0.03)
The influence of sales decline was partially offset by a 10% reduction in production cost and 24.4% decline in OPEX for 3Q2016: 3Q2016 net profit came below our expectation and showed a deviation of 28.2% from our estimates and 29.5% from the market consensus of SAR 118.5mn. Saudi Arabian Mining Company’s (Ma’aden) reported a net profit of SAR 83.59mn; (EPS; SAR 0.07); indicating an increase of 4.6%YoY and a fall of 36.9%QoQ. The company attributed the weak YoY result to i) Sales declined by 9% mainly due to the decline in the average realized prices of ammonium phosphate fertilizers (APF) and ammonia ii) decrease in sales volume of aluminum, despite the favorable effect of increase in the average realized prices of gold and aluminum iii) Increase in financing costs by 87% YoY due to the increase in SAIBOR/LIBOR interest rates vi) increased losses in jointly controlled entities (SAMAPCO and MBCC). However, production cost decline of 10%YoY, helped the company in lowering its OPEX and higher short-T investment income contributed positively to 3Q2016 performance. The company’s initiative to reduce the OPEX led to a reduction in exploration, technical services expenses and SG & A expenses by 24.4%YoY. The company reported a 20.1%YoY increase in operating profit for 3Q2016 to SAR 306.6mn, which is in-line with AJC estimate of 302.5mn; however, we believe that despite an increase in income from short-term investments, the increases in jointly controlled entities losses and finance charges have negatively impacted the bottom line in 3Q2016. For 3Q2016, finance expenses stood at SAR 208.1mn, above our estimate of SAR 199.5mn, and actual finance expenses of SAR 197.6mn in 2Q2016 and SAR 111.0mn in 3Q2015. Share in net losses of jointly controlled entity (SAMAPCO and MBCC) stood at SAR 31.1mn, significantly higher than SAR 14.7mn in 2Q2016. This is despite the start of commercial operations at the Jabal Sayid Copper Mine (MBCC) on July 1, 2016, which indicates of losses for one more quarter before switching to profitability. Gross profit declined by 5.7%QoQ to SAR 509.7mn. This is 1.8% lower than our estimate of SAR 519.3mn, which can be mainly attributed to lower than expected Aluminum sales. Gross margin stood at 22.0% in 3Q2016 vs. 20.6% in 3Q2015 owing to 10%YoY reduction in cost of sales through lower raw material costs which led to higher gross margin. Operating profit rose by 20.1%YoY to SAR 306.6mn, this is in-line with our estimate of SAR 302.0mn. The YoY lower OPEX is attributed to the company’s initiative to reduce the operating cost, which led to a reduction of 67% in exploration and technical services expenses, 29% drop in general and administrative expenses and 16% decline in selling, marketing and logistic expenses. Poor performance on Aluminum sales and low prices of phosphate fertilizer. Aluminum: The company witnessed 4%YoY decline of primary aluminum sales. However, the produced volume witnessed 2% increase due to higher efficiency and higher volumes from the recycling facility. Aluminum average prices stood at USD 1,631/ton in 3Q2016 from around USD 1,603/ton in 3Q2015 and USD 1580/ton in 2Q2016. Phosphate: In 3Q2016, sales of ammonia and di-ammonium phosphate (DAP) increased 14%YoY and 7%YoY respectively. Ammonia average sales price fell 37.4%YoY and 25.0%QoQ. DAP-Fertilizer sales price plunged by 29.7%YoY and 4.1%QoQ owing to a large surplus worldwide and weak fundamental in the industry. Gold: Sales of gold during the quarter increased significantly by 33% due to the commencement of Ad Duwayhi mine on April 1, 2016. Gold prices increased by 5.2%YoY to average at around USD 1,335/ounce in 3Q2016. According to the company, Ad Duwayhi production is expected to increase, averaging 180,000 ounce/year capacity during the life of mine, while further reducing in the cost/ounce is expected.
1
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Please read Disclaimer on the back
Neutral
Recommendation Current Price* (SAR)
35.00
Target Price (SAR)*
37.00
5.7%
Upside / (Downside)
*prices as of 20 of October 2016 th
Key Financials SARmn
FY14
FY15
FY16E
FY17E
10,792 78.5% 1,357 -19.3% 1.16
10,956 1.5% 605.2 -55.4% 0.52
9,792 -10.6% 593.2 -2.0% 0.51
13,611 39.0% 1,648.2 177.8% 1.41
(unless specified)
Revenues Growth % Net Income* Growth % EPS*
Source: Company reports, Aljazira Capital *After minority interest
Key Ratios SARmn (unless specified)
Gross Margin EBITDA Margin Net Margin P/E P/B EV/EBITDA (x) ROE ROA
FY14
FY15
FY16E
FY17E
28.9% 32.7% 12.6% 26.9x 1.09x 19.1x 5.93% 2.34%
22.3% 32.1% 5.5% 64.0x 1.13x 19.3x 2.38% 0.96%
22.5% 37.9% 6.1% 68.9x 1.13x 21.5x 1.82% 0.74%
25.7% 39.2% 12.1% 24.8x 1.07x 14.2x 4.88% 2.09%
Source: Company reports, Aljazira Capital
Shareholders Pattern Shareholders Pattern Public Pension Agency General Organization for Social Insurance Public Investment Fund Public
Holding 7.45% 7.98% 49.99% 34.58%
Source: Company reports, Aljazira Capital
Key Market Data Market Cap(bn) YTD % 52 Week (High ) 52 Week (Low) Shares Outstanding (mn)
40.89 5.5% 43.20 25.70 1,168.48 Source: Bloomberg, Aljazira Capital
We remain “Neutral” on Ma’aden with higher PT of SAR 37.0/share indicating a potential upside of 5.7%: Ma’aden Co. is expected to post SAR 593.2mn in net income (0.51 EPS) for 2016, recording a decline of -0.2%YoY due to the impact of higher energy cost and low level in product price. However, due to our optimistic outlook of higher control on OPEX and production costs; we maintain our “Neutral” on the stock with higher PT. The company is trading at a forward PE and PB of 24.8x and 1.07x respectively based on our 2017 earnings forecast. Ma’aden is considered to be one of the highly leveraged companies in the Saudi market, with long-term obligation of SAR 53.5bn. Almost 25% shares of the loan are expected to be settled in 2023E. We expect the company to remain highly leveraged in the near to mediumterm, and won’t have capacity to pay dividend in 2016/17 year. However, the margins are expected to positively expand after the commencement of commercial production of Wa’ad Al Shamal, which may lower the impact of finance cost and depreciation on the company’s net income. Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
RESEARCH DIVISION
Acting Head of Research
Talha Nazar +966 11 2256250 [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
Mansour Hamad Al-shuaibi
+966 11 2256060 [email protected]
+966 11 2256277 [email protected]
+966 12 6618443 [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
October 2016
Ma’aden: Q3-2016 results below estimates due to lower than expected sales and increase in finance charge; however, the company’s ability to achieve higher control on OPEX and a reduction in production costs contributes positively to our future outlook on MA’ADEN. “Neutral” recommendation is reiterated with higher PT. Amount in SAR mn; unless specified Sales revenues Net profit EPS (SAR)
Forecasts 3Q-16 2,360.6 116.50 0.10
Actual 3Q-16 2,316.1 83.59 0.07
Deviation (%) -1.8% -28.2% (0.03)
The influence of sales decline was partially offset by a 10% reduction in production cost and 24.4% decline in OPEX for 3Q2016: 3Q2016 net profit came below our expectation and showed a deviation of 28.2% from our estimates and 29.5% from the market consensus of SAR 118.5mn. Saudi Arabian Mining Company’s (Ma’aden) reported a net profit of SAR 83.59mn; (EPS; SAR 0.07); indicating an increase of 4.6%YoY and a fall of 36.9%QoQ. The company attributed the weak YoY result to i) Sales declined by 9% mainly due to the decline in the average realized prices of ammonium phosphate fertilizers (APF) and ammonia ii) decrease in sales volume of aluminum, despite the favorable effect of increase in the average realized prices of gold and aluminum iii) Increase in financing costs by 87% YoY due to the increase in SAIBOR/LIBOR interest rates vi) increased losses in jointly controlled entities (SAMAPCO and MBCC). However, production cost decline of 10%YoY, helped the company in lowering its OPEX and higher short-T investment income contributed positively to 3Q2016 performance. The company’s initiative to reduce the OPEX led to a reduction in exploration, technical services expenses and SG & A expenses by 24.4%YoY. The company reported a 20.1%YoY increase in operating profit for 3Q2016 to SAR 306.6mn, which is in-line with AJC estimate of 302.5mn; however, we believe that despite an increase in income from short-term investments, the increases in jointly controlled entities losses and finance charges have negatively impacted the bottom line in 3Q2016. For 3Q2016, finance expenses stood at SAR 208.1mn, above our estimate of SAR 199.5mn, and actual finance expenses of SAR 197.6mn in 2Q2016 and SAR 111.0mn in 3Q2015. Share in net losses of jointly controlled entity (SAMAPCO and MBCC) stood at SAR 31.1mn, significantly higher than SAR 14.7mn in 2Q2016. This is despite the start of commercial operations at the Jabal Sayid Copper Mine (MBCC) on July 1, 2016, which indicates of losses for one more quarter before switching to profitability. Gross profit declined by 5.7%QoQ to SAR 509.7mn. This is 1.8% lower than our estimate of SAR 519.3mn, which can be mainly attributed to lower than expected Aluminum sales. Gross margin stood at 22.0% in 3Q2016 vs. 20.6% in 3Q2015 owing to 10%YoY reduction in cost of sales through lower raw material costs which led to higher gross margin. Operating profit rose by 20.1%YoY to SAR 306.6mn, this is in-line with our estimate of SAR 302.0mn. The YoY lower OPEX is attributed to the company’s initiative to reduce the operating cost, which led to a reduction of 67% in exploration and technical services expenses, 29% drop in general and administrative expenses and 16% decline in selling, marketing and logistic expenses. Poor performance on Aluminum sales and low prices of phosphate fertilizer. Aluminum: The company witnessed 4%YoY decline of primary aluminum sales. However, the produced volume witnessed 2% increase due to higher efficiency and higher volumes from the recycling facility. Aluminum average prices stood at USD 1,631/ton in 3Q2016 from around USD 1,603/ton in 3Q2015 and USD 1580/ton in 2Q2016. Phosphate: In 3Q2016, sales of ammonia and di-ammonium phosphate (DAP) increased 14%YoY and 7%YoY respectively. Ammonia average sales price fell 37.4%YoY and 25.0%QoQ. DAP-Fertilizer sales price plunged by 29.7%YoY and 4.1%QoQ owing to a large surplus worldwide and weak fundamental in the industry. Gold: Sales of gold during the quarter increased significantly by 33% due to the commencement of Ad Duwayhi mine on April 1, 2016. Gold prices increased by 5.2%YoY to average at around USD 1,335/ounce in 3Q2016. According to the company, Ad Duwayhi production is expected to increase, averaging 180,000 ounce/year capacity during the life of mine, while further reducing in the cost/ounce is expected.
1
© All rights reserved
Please read Disclaimer on the back
Neutral
Recommendation Current Price* (SAR)
35.00
Target Price (SAR)*
37.00
5.7%
Upside / (Downside)
*prices as of 20 of October 2016 th
Key Financials SARmn
FY14
FY15
FY16E
FY17E
10,792 78.5% 1,357 -19.3% 1.16
10,956 1.5% 605.2 -55.4% 0.52
9,792 -10.6% 593.2 -2.0% 0.51
13,611 39.0% 1,648.2 177.8% 1.41
(unless specified)
Revenues Growth % Net Income* Growth % EPS*
Source: Company reports, Aljazira Capital *After minority interest
Key Ratios SARmn (unless specified)
Gross Margin EBITDA Margin Net Margin P/E P/B EV/EBITDA (x) ROE ROA
FY14
FY15
FY16E
FY17E
28.9% 32.7% 12.6% 26.9x 1.09x 19.1x 5.93% 2.34%
22.3% 32.1% 5.5% 64.0x 1.13x 19.3x 2.38% 0.96%
22.5% 37.9% 6.1% 68.9x 1.13x 21.5x 1.82% 0.74%
25.7% 39.2% 12.1% 24.8x 1.07x 14.2x 4.88% 2.09%
Source: Company reports, Aljazira Capital
Shareholders Pattern Shareholders Pattern Public Pension Agency General Organization for Social Insurance Public Investment Fund Public
Holding 7.45% 7.98% 49.99% 34.58%
Source: Company reports, Aljazira Capital
Key Market Data Market Cap(bn) YTD % 52 Week (High ) 52 Week (Low) Shares Outstanding (mn)
40.89 5.5% 43.20 25.70 1,168.48 Source: Bloomberg, Aljazira Capital
We remain “Neutral” on Ma’aden with higher PT of SAR 37.0/share indicating a potential upside of 5.7%: Ma’aden Co. is expected to post SAR 593.2mn in net income (0.51 EPS) for 2016, recording a decline of -0.2%YoY due to the impact of higher energy cost and low level in product price. However, due to our optimistic outlook of higher control on OPEX and production costs; we maintain our “Neutral” on the stock with higher PT. The company is trading at a forward PE and PB of 24.8x and 1.07x respectively based on our 2017 earnings forecast. Ma’aden is considered to be one of the highly leveraged companies in the Saudi market, with long-term obligation of SAR 53.5bn. Almost 25% shares of the loan are expected to be settled in 2023E. We expect the company to remain highly leveraged in the near to mediumterm, and won’t have capacity to pay dividend in 2016/17 year. However, the margins are expected to positively expand after the commencement of commercial production of Wa’ad Al Shamal, which may lower the impact of finance cost and depreciation on the company’s net income. Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
RESEARCH DIVISION
Acting Head of Research
Talha Nazar +966 11 2256250 [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
Mansour Hamad Al-shuaibi
+966 11 2256060 [email protected]
+966 11 2256277 [email protected]
+966 12 6618443 [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
