Yanbu Cement Co. - Aljazira Capital
Yanbu Cement Co. Investment Update
July 2015
Please read Disclaimer on the back
Yanbu Cement: We remain ‘Overweight’, Q2-2015 results were in line with our expectation; Higher production efficiency reduces the cost of sales in the current quarter. Q2-2015 results were in line with our expectation: Q2-15 earnings came in line with our expectation and showed a deviation of 4.1% from
Recommendation
Overweight
Current Price* (SAR)
67.25
New Target Price (SAR)
79.40
Upside / (Downside)
18.1% *prices as of 06th of July 2015
our estimates and 4.7% from the market Consensus that was mainly due to higher production efficiency. Yanbu Cement Company posted net income of
Key Financials
SAR 246.0mn; indicating an increase of 2.1%YoY and 18.8%QoQ. YoY growth
SARmn (unless specified)
were mainly associated with i) lower cost of sales ii) lower zakat provision iii) higher volumetric sales growth, as sales is expected to be around 1.95 MT vs 1.78 MT in Q2-2014; however, the sales price per tone is expected to be around SAR235 vs the average price of SAR249 in FY2014. The gross profit stood at SAR 262.0mn depicting an increase of 10.1% YoY, and 16.96% QoQ, which we believe was attributed to the decline in cost per tonne. The higher production efficiency has been reflected on the margin and resulting lower
Revenues Growth % Net Income Growth % EPS
FY14
FY15E
FY16E
1,559.4 -3.8% 801.9 -2.4% 5.09
1,606.4 3.0% 799.3 -0.3% 5.08
1,646.9 2.5% 836.7 4.7% 5.31
Source: Company reports, Aljazira Capital
Key Ratios
cost per tonne at around SAR101 vs SAR111 in Q1-2015 and SAR117 in the
SARmn (unless specified)
FY14
FY15E
FY16E
same comparison period. Operating Profit for Q2-2015 stood at SAR 250.0mn
Gross Margin EBITDA Margin Net Margin P/E P/B EV/EBITDA (x) ROE ROA Dividend Yield
54.7% 65.6% 51.4% 12.7x 2.86x 9.92
53.7% 63.7% 49.8% 13.2x 2.77x 10.03
54.7% 64.7% 50.8% 12.6x 2.63x 9.46
22.5%
21.0%
20.8%
18.9%
18.1%
18.6%
6.2%
6.0%
6.0%
depicting an increase of 9.2% YoY, and 17.9% QoQ; which we believe was due to stability in the operating expenses S & GA and improvement in revenue. We expect the company’s sales in 2015 to continue its growth trajectory, due to expected higher utilization rate of 98%, we expect cement dispatches to stand at 6.9MT, as compared to 6.3MT in 2014. Cement sales and price realization to improve in 2015: During January–
Source: Company reports, Aljazira Capital
May 2015, Yanbu Cement’s sales rose 9.3% YoY to 3.26MT from 2.98MT in the prior-year period. During the same period, industry-wide cement inventory
Shareholders Pattern
increased just 1% to 934MT from 928MT in 2014, indicating improved
Shareholders Pattern
demand due to momentum in infrastructure development in KSA. In 1Q2015, Yanbu Cement experienced pricing pressure, with cement price realization declining to SAR 229 compared with SAR 250 in 1Q2014 (average of SAR 249 in 2014). Acute labor shortage in 2014 disrupted cement production, resulting in lower sales. To offset the impact, cement manufacturers
Type
General Organization for Social Insurance – GOSI Govermental Institution AlRajhi Ekhwan Group Institution Awqaf Suliman AlRajhi Individual Abdullah A. AlRajhi Govermental Public Investment Fund
Public
budget for development expenditure by KSA’s government for 2015, along with the housing ministry plans in the coming 3 years would provide the required impetus for infrastructure development, with overall increase in demand and better realizations. Waste heat recovery system to result in substantial savings from 2017: In March 2015, Yanbu Cement announced an agreement to construct a
12.37% 5.17% 7.35% 6.01% 10.0% 59.1%
Source: Company reports, Aljazira Capital
responded with price-fixing, leading to stability in the average cement price realization in 2014 vs H1-2015. However, we believe an increase in allocated
Holding
Company Overview: Yanbu Cement was founded in 1976 and become the third largest cement producer in Saudi Arabia and the largest cement producer in the Western Province. The company further expanded its capacity by another 3 mtpa (10,000tpd) by commissioning the fifth line on April 2012 bringing its total capacity to 7 mtpa. Yanbu Cement Company is located in the Western region, where heavy demand is excerpted from the Makkah region, Madina region and the city of Jeddah. Along with the heavy investment in industrial cities of Yanbu and Rabigh that will keep cement demand strong.
34MW thermal power station that utilizes wasted thermal energy produced by the manufacturing process at a cost of SAR 232mn. The waste heat
Clinker Inventory - MT
recovery (WHR) system would become operational by January 2017 and
3.5 3
lead to substantial savings in fuel cost; moreover, this system would lower
Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
1
© All rights reserved
Million Tone
the dependence on power generated from diesel power stations. Yanbu
2.5 2 1.5 1 0.5 0
2010
2011
2012
2013
2014
Clinker Inventory - MT Source: Company reports, Aljazira Capital
Yanbu Cement Co. Investment Update
July 2015
Please read Disclaimer on the back
Cement’s management estimates that the WHR system will raise the efficiency of cement grinding by one million tonne of cement a year. The company would be able to realize the financial benefit from the implementation of WHR system from 1Q2017. Strong balance sheet to maintain attractive dividend payout: At the end of 1Q2015, Yanbu Cement’s debt-to-equity ratio stood at 0.9, with gross debt at around SAR 0.35bn. Nearly 50% of the total debt is from commercial banks, with repayment by the end of October 2015; the remaining 50% has been taken from SIDF, with repayment over a period of three years. In 2014, the management announced a total dividend of SAR 4 per share, resulting in an attractive dividend yield of 6.0%. Going ahead, we believe strong balance sheet and sustainable cash flows would be sufficient to repay the existing debt, maintain a healthy dividend payout ratio, and manage future expansion plans. Strategic location and upcoming projects offer attractive opportunity: KSA’s western region is anticipated to be one of the largest and fastest growing markets for cement production and consumption. The region has emerged as a key destination for cement producers in the Kingdom due to rapid economic development. This has encouraged manufacturers, such as Yanbu Cement, to expand their capacity in the region. Several important cities, such as Makkah and Medina, are located in the western region of Saudi Arabia. The construction of commercial hotels and malls in Makkah, large government projects (including the Riyadh and Jeddah Metro), and expansion of the Grand Mosque in the town of Makkah are expected to propel the demand for cement in this region. Furthermore, we expect Yanbu Cement, with a large clinker inventory of 2.72MT, one of the largest in the sector, is well positioned to meet any increase in demand.
2
© All rights reserved
RESEARCH DIVISION
AGM - Head of Research
Abdullah Alawi +966 11 2256250 [email protected]
Analyst
Sultan Al Kadi
+966 11 2256115 [email protected]
+966 11 2256374 [email protected]
General manager - brokerage services and sales
AGM-Head of international and institutional
AGM- Head of Western and Southern Region Investment Centers & ADC
Ala’a Al-Yousef
brokerage
Brokerage
+966 11 2256000 [email protected]
Luay Jawad Al-Motawa
Abdullah Q. Al-Misbani
+966 11 2256277 [email protected]
+966 12 6618400 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
AGM - Head of Institutional Brokerage
Central Region
Abdullah Al-Rahit
Samer Al- Joauni
Sultan Ibrahim AL-Mutawa
+966 16 3617547 [email protected]
+966 1 225 6352 [email protected]
Jassim Al-Jubran +966 11 2256248 [email protected]
BROKERAGE AND INVESTMENT CENTERS DIVISION RESEARCH DIVISION
Talha Nazar
Analyst
+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
Senior 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 2015
Please read Disclaimer on the back
Yanbu Cement: We remain ‘Overweight’, Q2-2015 results were in line with our expectation; Higher production efficiency reduces the cost of sales in the current quarter. Q2-2015 results were in line with our expectation: Q2-15 earnings came in line with our expectation and showed a deviation of 4.1% from
Recommendation
Overweight
Current Price* (SAR)
67.25
New Target Price (SAR)
79.40
Upside / (Downside)
18.1% *prices as of 06th of July 2015
our estimates and 4.7% from the market Consensus that was mainly due to higher production efficiency. Yanbu Cement Company posted net income of
Key Financials
SAR 246.0mn; indicating an increase of 2.1%YoY and 18.8%QoQ. YoY growth
SARmn (unless specified)
were mainly associated with i) lower cost of sales ii) lower zakat provision iii) higher volumetric sales growth, as sales is expected to be around 1.95 MT vs 1.78 MT in Q2-2014; however, the sales price per tone is expected to be around SAR235 vs the average price of SAR249 in FY2014. The gross profit stood at SAR 262.0mn depicting an increase of 10.1% YoY, and 16.96% QoQ, which we believe was attributed to the decline in cost per tonne. The higher production efficiency has been reflected on the margin and resulting lower
Revenues Growth % Net Income Growth % EPS
FY14
FY15E
FY16E
1,559.4 -3.8% 801.9 -2.4% 5.09
1,606.4 3.0% 799.3 -0.3% 5.08
1,646.9 2.5% 836.7 4.7% 5.31
Source: Company reports, Aljazira Capital
Key Ratios
cost per tonne at around SAR101 vs SAR111 in Q1-2015 and SAR117 in the
SARmn (unless specified)
FY14
FY15E
FY16E
same comparison period. Operating Profit for Q2-2015 stood at SAR 250.0mn
Gross Margin EBITDA Margin Net Margin P/E P/B EV/EBITDA (x) ROE ROA Dividend Yield
54.7% 65.6% 51.4% 12.7x 2.86x 9.92
53.7% 63.7% 49.8% 13.2x 2.77x 10.03
54.7% 64.7% 50.8% 12.6x 2.63x 9.46
22.5%
21.0%
20.8%
18.9%
18.1%
18.6%
6.2%
6.0%
6.0%
depicting an increase of 9.2% YoY, and 17.9% QoQ; which we believe was due to stability in the operating expenses S & GA and improvement in revenue. We expect the company’s sales in 2015 to continue its growth trajectory, due to expected higher utilization rate of 98%, we expect cement dispatches to stand at 6.9MT, as compared to 6.3MT in 2014. Cement sales and price realization to improve in 2015: During January–
Source: Company reports, Aljazira Capital
May 2015, Yanbu Cement’s sales rose 9.3% YoY to 3.26MT from 2.98MT in the prior-year period. During the same period, industry-wide cement inventory
Shareholders Pattern
increased just 1% to 934MT from 928MT in 2014, indicating improved
Shareholders Pattern
demand due to momentum in infrastructure development in KSA. In 1Q2015, Yanbu Cement experienced pricing pressure, with cement price realization declining to SAR 229 compared with SAR 250 in 1Q2014 (average of SAR 249 in 2014). Acute labor shortage in 2014 disrupted cement production, resulting in lower sales. To offset the impact, cement manufacturers
Type
General Organization for Social Insurance – GOSI Govermental Institution AlRajhi Ekhwan Group Institution Awqaf Suliman AlRajhi Individual Abdullah A. AlRajhi Govermental Public Investment Fund
Public
budget for development expenditure by KSA’s government for 2015, along with the housing ministry plans in the coming 3 years would provide the required impetus for infrastructure development, with overall increase in demand and better realizations. Waste heat recovery system to result in substantial savings from 2017: In March 2015, Yanbu Cement announced an agreement to construct a
12.37% 5.17% 7.35% 6.01% 10.0% 59.1%
Source: Company reports, Aljazira Capital
responded with price-fixing, leading to stability in the average cement price realization in 2014 vs H1-2015. However, we believe an increase in allocated
Holding
Company Overview: Yanbu Cement was founded in 1976 and become the third largest cement producer in Saudi Arabia and the largest cement producer in the Western Province. The company further expanded its capacity by another 3 mtpa (10,000tpd) by commissioning the fifth line on April 2012 bringing its total capacity to 7 mtpa. Yanbu Cement Company is located in the Western region, where heavy demand is excerpted from the Makkah region, Madina region and the city of Jeddah. Along with the heavy investment in industrial cities of Yanbu and Rabigh that will keep cement demand strong.
34MW thermal power station that utilizes wasted thermal energy produced by the manufacturing process at a cost of SAR 232mn. The waste heat
Clinker Inventory - MT
recovery (WHR) system would become operational by January 2017 and
3.5 3
lead to substantial savings in fuel cost; moreover, this system would lower
Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
1
© All rights reserved
Million Tone
the dependence on power generated from diesel power stations. Yanbu
2.5 2 1.5 1 0.5 0
2010
2011
2012
2013
2014
Clinker Inventory - MT Source: Company reports, Aljazira Capital
Yanbu Cement Co. Investment Update
July 2015
Please read Disclaimer on the back
Cement’s management estimates that the WHR system will raise the efficiency of cement grinding by one million tonne of cement a year. The company would be able to realize the financial benefit from the implementation of WHR system from 1Q2017. Strong balance sheet to maintain attractive dividend payout: At the end of 1Q2015, Yanbu Cement’s debt-to-equity ratio stood at 0.9, with gross debt at around SAR 0.35bn. Nearly 50% of the total debt is from commercial banks, with repayment by the end of October 2015; the remaining 50% has been taken from SIDF, with repayment over a period of three years. In 2014, the management announced a total dividend of SAR 4 per share, resulting in an attractive dividend yield of 6.0%. Going ahead, we believe strong balance sheet and sustainable cash flows would be sufficient to repay the existing debt, maintain a healthy dividend payout ratio, and manage future expansion plans. Strategic location and upcoming projects offer attractive opportunity: KSA’s western region is anticipated to be one of the largest and fastest growing markets for cement production and consumption. The region has emerged as a key destination for cement producers in the Kingdom due to rapid economic development. This has encouraged manufacturers, such as Yanbu Cement, to expand their capacity in the region. Several important cities, such as Makkah and Medina, are located in the western region of Saudi Arabia. The construction of commercial hotels and malls in Makkah, large government projects (including the Riyadh and Jeddah Metro), and expansion of the Grand Mosque in the town of Makkah are expected to propel the demand for cement in this region. Furthermore, we expect Yanbu Cement, with a large clinker inventory of 2.72MT, one of the largest in the sector, is well positioned to meet any increase in demand.
2
© All rights reserved
RESEARCH DIVISION
AGM - Head of Research
Abdullah Alawi +966 11 2256250 [email protected]
Analyst
Sultan Al Kadi
+966 11 2256115 [email protected]
+966 11 2256374 [email protected]
General manager - brokerage services and sales
AGM-Head of international and institutional
AGM- Head of Western and Southern Region Investment Centers & ADC
Ala’a Al-Yousef
brokerage
Brokerage
+966 11 2256000 [email protected]
Luay Jawad Al-Motawa
Abdullah Q. Al-Misbani
+966 11 2256277 [email protected]
+966 12 6618400 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
AGM - Head of Institutional Brokerage
Central Region
Abdullah Al-Rahit
Samer Al- Joauni
Sultan Ibrahim AL-Mutawa
+966 16 3617547 [email protected]
+966 1 225 6352 [email protected]
Jassim Al-Jubran +966 11 2256248 [email protected]
BROKERAGE AND INVESTMENT CENTERS DIVISION RESEARCH DIVISION
Talha Nazar
Analyst
+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
Senior 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
