Saudi Arabian Mining Co. (Ma'aden) - Aljazira Capital
Saudi Arabian Mining Co. (Ma’aden) Result Flash Note 2Q-2016
July 2016
Please read Disclaimer on the back
Ma’aden: Q2-2016 results below estimates. Operating profits was in-line with AJC estimate; however higher than expected finance expenses and deprecation contributed negatively in the quarter result. “Neutral” recommendation. Amount in SAR mn; unless Forecasts Actual Deviation specified 2Q-16 2Q-16 (%) Sales revenues 2,437.6 2,546.0 4.4% Net profit 159.3 132.45 -16.8% EPS (SAR)* 0.14 0.11 Higher than expected sales volume and improving OPEX were offset by higher finance expenses in 2Q2016: Q2-2016 net profit came below our expectation and showed a deviation of -16.8% from our estimates and -21.9% from the market consensus of SAR 169.6mn. Saudi Arabian Mining Company’s (Ma’aden) reported a net profit of SAR 132.5mn; (EPS; SAR 0.11); indicating a decline of 50.9%YoY and 21.6%QoQ. The company attributed the weak YoY result to 15% declined in sales revenues due to lower commodity prices despite of the higher sales volumes of aluminium and gold. Cost of sales witnessed a decline of 11%YoY through lower raw material costs. Furthermore, the company’s initiative to reduce the OPEX led to a reduction in exploration, technical services expenses and SG & A expenses by 25.9%YoY. The company reported a 30.1%YoY decline in operating profit for 2Q2016 to SAR 326.5mn, which is in-line with AJC estimate of 325.2mn; however, we believe that despite an increase in income from short term investments and the lower losses in (SAMAPCO), the increase in finance charges by 80%YoY and higher zakat provision has negatively impacted the bottom line in 2Q2016.
Recommendation
‘Neutral’
Current Price* (SAR)
36.0 32.80
Target Price (SAR)
-9.7%
Upside / (Downside)
*prices as of 24th of July 2016
Key Financials FY14
FY15
FY16E FY17E
10,792 10,956 78.5% 1.5% 1,357 605.2 -19.3% -55.4% 1.16 0.52
10,230 14,143 -6.6% 38.2% 775.7 1,672.6 28.2% 115.6% 0.66 1.43
SARmn (unless specified) Revenues Growth % Net Income* Growth % EPS*
Source: Company reports, Aljazira Capital, *After minority interest
Key Ratios SARmn (unless specified) FY14
FY15
FY16E FY17E
Gross Margin EBITDA Margin Net Margin P/E P/B EV/EBITDA (x) ROE ROA
22.3% 32.1% 5.5% 64.0x 1.13x 19.3x 2.38% 0.96%
23.5% 37.7% 7.6% 54.5x 1.19x 21.2x 2.61% 1.07%
28.9% 32.7% 12.6% 26.9x 1.09x 19.1x 5.93% 2.34%
25.9% 39.0% 11.8% 25.1x 1.13x 14.2x 5.76% 2.47%
Gross profit rose by 9.7%QoQ to SAR 540.9mn. This is 5.9% lower than our estimate of SAR 575.4mn, which is mainly attributed to higher than expected deprecation. Gross margin stood at 21.2% in 2Q2016 vs. 20.6% in 2Q2015 owing to 11% reduction in cost of sales through lower raw material costs which led to higher gross margin. Operating profit Source: Company reports, Aljazira Capital rose by 7.9%YoY to SAR 326.7mn, 0.5% higher than our expectation of SAR 325.1mn. The YoY lower OPEX is attributed to the company’s initiative to reduce the operating cost, which led to a reduction of 65% in exploration and technical services expenses, 27% SAIBOR-6M Performance drop in general and administrative expenses and 17% decline in selling, marketing and 2.3 logistic expenses. 2.1
Poor performance on low prices of ammonium phosphate fertilizer.
15 1/ 22 /1 6 2/ 22 /1 6 3/ 22 /1 6 4/ 22 /1 6 5/ 22 /1 6 6/ 22 /1 6
15
22 /
22 /
11 /
12 /
/1 5
/1 5
10
/2 2
/1 5
9/ 22
8/ 22
/1 5
1.9 1.7 1.5 1.3 1.1 0.9 0.7
7/ 22
Rising lending rates led to 80%YoY increase in finance charges for the company: The Saudi interbank offer rate (SAIBOR 6 Month) has been steadily increasing from the beginning of 2015. The SAIBOR 6 Month rate rose from 0.8% in July 2015 to 2.3% in July 2016. The Federal reserve raised rates for the first time in nine years by 25 bps to 0.5% in last December, which also led to the rise in the SAIBOR. The rate is rising also because flow of oil money into banks have shrunk and because the government is borrowing money from banks to cover a budget deficit created by cheap oil. The rise in SAIBOR has negatively impacted Ma’aden due to highly leveraged balance sheet with long-term obligation of SAR 51.5bn. The company reported a finance charge of SAR 198mn; indicating an increase of 80%YoY and 28%QoQ.
Source: Company reports, Aljazira Capital
Key Market Data
Aluminum: The company has 6%YoY increase of primary aluminium sales. Aluminum Market Cap (bn) average prices stood at USD 1,580/ton in 2Q2016 from around USD 1,766/ton in 2Q2015 YTD % and USD 1514/ton in 1Q2016. 52 Week (High ) Phosphate: In 2Q2016, sales of ammonia increased 10%YoY, where diammonium 52 Week (Low) phosphate (DAP) sales were in-line with same quarter last year. Ammonia sales price fell Shares Outstanding (mn) 16.6%YoY, but increase by 6.9%QoQ. DAP-Fertilizer sales price plunged by 26.7%YoY and 6.9%QoQ owing to a large surplus worldwide and weak fundamental in the industry.
45.2 16.7% 43.20 25.70 1,168.48 Source: Company reports, Aljazira Capital
Shareholders Pattern
Gold: Sales of gold during the quarter increased significantly by 54%YoY due to the Holding commencement of Ad Duwayhi mine on April 1, 2016. Gold prices averaged at about Shareholders Pattern 7.45% Public Pension Agency USD 1,254/ounce in 2Q2016. 7.98% General Organization for Social Insurance New projects, a new ray of hope: 49.99% Public Investment Fund Ad Duwayhi: Ad Duwayhi, the largest gold mine in Saudi Arabia, initiated commercial Public 34.58% Source: Company reports, Aljazira Capital production on 1st April 2016. The rated production capacity of Ad-Duwayhi is 180,000 ounces per annum and over 1.9mn ounces over the life of the mine. According to the company, production capacity will gradually ramp up to reach 100% by the end 2016. Jabal Sayid: Commercial operations began at the Jabal Sayid Copper Mine on July 1, 2016. The mine will produce over 45,000 tons of copper annually. Reserves stand at nearly 635,000 tons, while it’s life is estimated at 16 years.
1
© All rights reserved
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
Ma’aden: Q2-2016 results below estimates. Operating profits was in-line with AJC estimate; however higher than expected finance expenses and deprecation contributed negatively in the quarter result. “Neutral” recommendation. Amount in SAR mn; unless Forecasts Actual Deviation specified 2Q-16 2Q-16 (%) Sales revenues 2,437.6 2,546.0 4.4% Net profit 159.3 132.45 -16.8% EPS (SAR)* 0.14 0.11 Higher than expected sales volume and improving OPEX were offset by higher finance expenses in 2Q2016: Q2-2016 net profit came below our expectation and showed a deviation of -16.8% from our estimates and -21.9% from the market consensus of SAR 169.6mn. Saudi Arabian Mining Company’s (Ma’aden) reported a net profit of SAR 132.5mn; (EPS; SAR 0.11); indicating a decline of 50.9%YoY and 21.6%QoQ. The company attributed the weak YoY result to 15% declined in sales revenues due to lower commodity prices despite of the higher sales volumes of aluminium and gold. Cost of sales witnessed a decline of 11%YoY through lower raw material costs. Furthermore, the company’s initiative to reduce the OPEX led to a reduction in exploration, technical services expenses and SG & A expenses by 25.9%YoY. The company reported a 30.1%YoY decline in operating profit for 2Q2016 to SAR 326.5mn, which is in-line with AJC estimate of 325.2mn; however, we believe that despite an increase in income from short term investments and the lower losses in (SAMAPCO), the increase in finance charges by 80%YoY and higher zakat provision has negatively impacted the bottom line in 2Q2016.
Recommendation
‘Neutral’
Current Price* (SAR)
36.0 32.80
Target Price (SAR)
-9.7%
Upside / (Downside)
*prices as of 24th of July 2016
Key Financials FY14
FY15
FY16E FY17E
10,792 10,956 78.5% 1.5% 1,357 605.2 -19.3% -55.4% 1.16 0.52
10,230 14,143 -6.6% 38.2% 775.7 1,672.6 28.2% 115.6% 0.66 1.43
SARmn (unless specified) Revenues Growth % Net Income* Growth % EPS*
Source: Company reports, Aljazira Capital, *After minority interest
Key Ratios SARmn (unless specified) FY14
FY15
FY16E FY17E
Gross Margin EBITDA Margin Net Margin P/E P/B EV/EBITDA (x) ROE ROA
22.3% 32.1% 5.5% 64.0x 1.13x 19.3x 2.38% 0.96%
23.5% 37.7% 7.6% 54.5x 1.19x 21.2x 2.61% 1.07%
28.9% 32.7% 12.6% 26.9x 1.09x 19.1x 5.93% 2.34%
25.9% 39.0% 11.8% 25.1x 1.13x 14.2x 5.76% 2.47%
Gross profit rose by 9.7%QoQ to SAR 540.9mn. This is 5.9% lower than our estimate of SAR 575.4mn, which is mainly attributed to higher than expected deprecation. Gross margin stood at 21.2% in 2Q2016 vs. 20.6% in 2Q2015 owing to 11% reduction in cost of sales through lower raw material costs which led to higher gross margin. Operating profit Source: Company reports, Aljazira Capital rose by 7.9%YoY to SAR 326.7mn, 0.5% higher than our expectation of SAR 325.1mn. The YoY lower OPEX is attributed to the company’s initiative to reduce the operating cost, which led to a reduction of 65% in exploration and technical services expenses, 27% SAIBOR-6M Performance drop in general and administrative expenses and 17% decline in selling, marketing and 2.3 logistic expenses. 2.1
Poor performance on low prices of ammonium phosphate fertilizer.
15 1/ 22 /1 6 2/ 22 /1 6 3/ 22 /1 6 4/ 22 /1 6 5/ 22 /1 6 6/ 22 /1 6
15
22 /
22 /
11 /
12 /
/1 5
/1 5
10
/2 2
/1 5
9/ 22
8/ 22
/1 5
1.9 1.7 1.5 1.3 1.1 0.9 0.7
7/ 22
Rising lending rates led to 80%YoY increase in finance charges for the company: The Saudi interbank offer rate (SAIBOR 6 Month) has been steadily increasing from the beginning of 2015. The SAIBOR 6 Month rate rose from 0.8% in July 2015 to 2.3% in July 2016. The Federal reserve raised rates for the first time in nine years by 25 bps to 0.5% in last December, which also led to the rise in the SAIBOR. The rate is rising also because flow of oil money into banks have shrunk and because the government is borrowing money from banks to cover a budget deficit created by cheap oil. The rise in SAIBOR has negatively impacted Ma’aden due to highly leveraged balance sheet with long-term obligation of SAR 51.5bn. The company reported a finance charge of SAR 198mn; indicating an increase of 80%YoY and 28%QoQ.
Source: Company reports, Aljazira Capital
Key Market Data
Aluminum: The company has 6%YoY increase of primary aluminium sales. Aluminum Market Cap (bn) average prices stood at USD 1,580/ton in 2Q2016 from around USD 1,766/ton in 2Q2015 YTD % and USD 1514/ton in 1Q2016. 52 Week (High ) Phosphate: In 2Q2016, sales of ammonia increased 10%YoY, where diammonium 52 Week (Low) phosphate (DAP) sales were in-line with same quarter last year. Ammonia sales price fell Shares Outstanding (mn) 16.6%YoY, but increase by 6.9%QoQ. DAP-Fertilizer sales price plunged by 26.7%YoY and 6.9%QoQ owing to a large surplus worldwide and weak fundamental in the industry.
45.2 16.7% 43.20 25.70 1,168.48 Source: Company reports, Aljazira Capital
Shareholders Pattern
Gold: Sales of gold during the quarter increased significantly by 54%YoY due to the Holding commencement of Ad Duwayhi mine on April 1, 2016. Gold prices averaged at about Shareholders Pattern 7.45% Public Pension Agency USD 1,254/ounce in 2Q2016. 7.98% General Organization for Social Insurance New projects, a new ray of hope: 49.99% Public Investment Fund Ad Duwayhi: Ad Duwayhi, the largest gold mine in Saudi Arabia, initiated commercial Public 34.58% Source: Company reports, Aljazira Capital production on 1st April 2016. The rated production capacity of Ad-Duwayhi is 180,000 ounces per annum and over 1.9mn ounces over the life of the mine. According to the company, production capacity will gradually ramp up to reach 100% by the end 2016. Jabal Sayid: Commercial operations began at the Jabal Sayid Copper Mine on July 1, 2016. The mine will produce over 45,000 tons of copper annually. Reserves stand at nearly 635,000 tons, while it’s life is estimated at 16 years.
1
© All rights reserved
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
