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November 2017
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q3-2017
Saudi Banking Sector – 3Q2017In 3Q2017, the balance sheet of Saudi Arabia’s banking sector increased 1.5% YoY and decreased 0.4% QoQ to SAR 2,283bn. Total loans accounted for 74.3% of the total assets, whereas deposits formed 70.2% of the total liabilities. The banking sector’s balance sheet advanced at a 10-year CAGR of 8.6%.
The Saudi banking sector has 12 listed and other non-listed banks. In terms of balance sheet size, National Commercial Bank (NCB) (assets of more than SAR 444.7bn) is the largest in the Kingdom, accounting for 20.1% of the total market, followed by Al Rajhi Bank (asset base of SAR 338.0bn and 15.3% market share). Samba (asset base of SAR 228.9bn) and Riyadh Bank (total assets worth SAR 218.2bn) account for 10.3% and 9.8% of the total banking assets, respectively.
Of the 12 banks, Al Rajhi Bank, Alinma Bank, Bank Albilad, and Bank AlJazira are Shariah-compliant and account for 26.2% of the total banking assets. Al Rajhi Bank is the largest Shariah-compliant bank in the Kingdom, accounting for 58.3% of the total market share in 3Q2017 (down from 59.2% in 2Q2017).
Head of Research
Talha Nazar +966 11 2256250t.nazar@aljaziracapital.com.sa
Saudi banking Sector Balance Sheet Growth
Banking Sector – Assets Breakdown – 3Q-2017
Market Share of Total Banking Assets – 3Q-2017
Saudi Banking Sector Balance Sheet Growth – 3Q-2017
Banking Sector – Liabilities & Capital Breakdown – 3Q-2017
Asset Market Share of Shariah-compliant Banks – 3Q-2017
Source: SAMA
Source: Bloomberg
Saudi Banking Assets-LHS % Growth-RHS
In B
n SA
R
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3Q 20170%
5%
10%
15%
20%
25%
30%
-
500
1,000
1,500
2,000
2,500
Cash In Vault
Deposits with SAMA
SAMA Bills
Foreign Assets
Loans to Private Sector
Loan to Gov & Quasi- Gov
Fixed Assets
OtherAssets
1%1%1%
62%
12%
5% 5%
11%
NCB
Al Rajhi
Samba
Riyad
SAAB
Saudi Fransi
ANB
Alawwal Bank
SAIB
Alinma
Aljazira
Albilad
20%
15%
10%
10%
8%
9%
7%
5%
5%
5%3% 3%
3Q-2016 3Q-2017
Saudi Banking Assets-LHS % Growth (YoY)-RHS
In B
n SA
R
-
500
1,000
1,500
2,000
2,500
0.0%
0.8%
0.6%
0.4%
0.2%
1.0%
1.2%
1.4%
1.6%
1.1%
1.5%
Deposits
Foreign Liabilities
Capital accounts
Other Liabilities 70%
4%
15%
11%
Al Rajhi
Alinma
Aljazira
Albilad
58%19%
12%
11%
November 2017
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q3-2017
Deposits
Saudi banking deposits and money supply rose steadily
at a 10-year CAGR of 9.0% and 9.1%, respectively. Total
deposits edged up 1.3% YoY to SAR 1.602tn in 3Q2017 from
SAR 1.582tn in 3Q2016.
Demand deposits advanced 3.8% YoY to SAR 977.8bn in
3Q2017 compared with SAR 942.5bn in 3Q2016.
Of the total deposits, demand deposits account for 61.0%
(up from 60.1% in 2Q2017), whereas time and savings
deposits make up only 29.4%.
The breakdown of deposits shows 77.1% of the total deposits
are held by individuals and 21.3% by government entities.
Businesses and individuals hold 91.0% of the demand
deposits, while the government holds the remaining 9.0%
(down from 9.9% in 2Q2017).
With regard to time and savings deposits, businesses and
individuals hold nearly 52.9%, while government entities
hold 47.1% (down from 48.9% in 2Q2017).
Deposits Growth
Deposit Growth – 3Q-2017
Deposits Break Down
Sector-wise Deposits
Demand Deposits Break Down
Times & Savings Deposit Break Down
Source: SAMA
In B
n SA
R
Deposits-LHS Money Supply(M3)-LHS % Growth in deposits-RHS
1994
1995
1996
1997
1998
1999
2000
2001
20
02
2003
20
04
2005
20
06
2007
20
08
2009
20
10
2011
20
12
2013
20
14
2015
20
16
3Q 2
017
0%
5%
-5%
10%
15%
20%
25%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Bn
SAR
Demand-LHS Time & Savings-LHS Quasi-Monetary-LHS % Growth (YoY)-RHS
-4.3%
1.3%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
3Q2016 3Q2017
Demand
Time & Savings
Quasi-Monetary 60.1%
29.4%
9.6%
Business and Individuals Government Entities Others
77.1%
21.3%
2%
9.9%
Business and Individuals Government Entities
90.1%
Business and Individuals
Government Entities 52.9%
47.1%
November 2017
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q3-2017
Bank Deposits Growth
Deposits Market Share Comparison
Loans Growth
Loans Share According to Maturity Profile Loans Maturity- Growth
Source: SAMA
Source: Company Financials, Bloomberg
Al Rajhi Alinma ANB Albilad Aljazira Saudi Fransi
NCB Riyad Samba SAAB Alawwal Bank
SAIB
% Growth 3Q2016 3Q2017
-0.9%12.8%
0.2%
12.5%
-1.3%
5.6%
-2.8%
-3.0% -4.2%-6.6%
-3.7%
6.9%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
0
50
100
150
200
250
300
350
NCB
Al Rajhi
Samba
Riyad
Saudi Fransi
SAAB
ANB
Alawwal Bank
Alinma
SAIB
AlJazira
Albilad
18.9%20.0%
18.8%
16.4%
10.5%
9.7%
8.9%
8.7%
7.7%
5.1%
4.7%
4.0%
3.0%
2.5%
18.3%
16.4%
10.1%
9.5%
9.4%
8.2%
7.8%
4.9%
5.3%
4.3%
3.0%
2.8%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%
3Q2017
3Q2016
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Loans % Growth-RHS
In B
n SA
R
3Q-2017 0
200
400
600
800
1,000
1,200
1,400
1,600
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
3Q-2017 3Q-2016
Less than 1 Year 1 to 3 Years Over 3 Years
51.8% 51.4%
19.1% 18.3%
29.0% 30.4%
Less than 1 Year 1 to 3 Years Over 3 Years
In B
n SA
R
3Q-2016 3Q-2017 -
200
400
600
800
1,000
1,200
1,400
1,600
Decline-5.9%
Growth
3.0%
Decline-2.3%
741 724
273 257
415 428
Deposits – Breakdown by Bank
National Commercial Bank (deposit base of SAR 303bn) is
the largest bank in Saudi Arabia, followed by Al Rajhi Bank
(deposit base of SAR 270bn).
Alinma bank recorded the highest growth (12.8% YoY) in
deposits and improved its market share to 5.3% in 3Q2017
from 4.7% in 3Q2016. Albilad Bank stood second, increasing
the deposit base 12.5% YoY and market share to 2.8% in
3Q2017 from 2.5% in 3Q2016.
Saudi British Bank registered the biggest decline of 6.6% YoY
in deposit base from SAR 144bn in 3Q2016 to SAR 135bn
in 3Q2017. Market share fell from 8.7% to 8.2% in 3Q2017.
It was followed by Samba, which saw its deposits fall 4.2%
YoY to SAR 167bn, causing its market share to fall to 10.1%
in 3Q2017 from 10.5% in the previous corresponding period.
Al Rajhi Bank, the largest Shariah-compliant bank, recorded
a 0.9% YoY decline in deposit base and its market share
remained unchanged at 16.4% in 3Q2017. Meanwhile,
NCB’s market share fell from 18.8% to 18.3% in 3Q2017 as its
deposits witnessed a decline of 2.8% YoY.
Loans
The total loan book of Saudi Arabia’s banking sector declined
1.5% YoY to SAR 1.41tn toward the end of 3Q2017, registering
a 10-year CAGR of 9.5%.
About 51.4% (up from 50.4% QoQ) of the loans extended have
a maturity of less than a year. Loans with a maturity of one
to three years posted a decline of 5.9% YoY, due to which its
share contracted from 19.1% in 3Q2016 to 18.3% in 3Q2017.
High concentration of short-term loans in a rising interest rate
environment makes it easy for banks to re-price new loans.
November 2017
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q3-2017
Sector wise Loans Distribution
Retail Loans-Break down
Real Estate Loans
Bank Market Share
Source: Company Financials
Source: SAMA
Manufacturing
Construction
Commerce
Services
Gov & Quasi Gov
Miscellaneous
11.9%
7.4%
22.7%
5.1%3.3%
49.6%
Credit Card Includes Retail Loans, acquired through credit cards
Home Renovation Vehicles Others Credit Cards/Total Retail Loans
2Q-2016 2Q-2017
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
9.8% 9.5%
80.7%
3.01%7.7% 10.0%
82.3%
3.13%
In B
n SA
R
Retail Corporate % Growth-Total % Growth-Corporate % Growth-Retail
0%
10%
20%
30%
40%
50%
60%
0
50
100
150
200
250
2010 2011 2012 2013 2014 2015 2016 2Q2017
Q32017Q32016
18.2%
15.9%
10.6%
9.3%
9.0%
8.8%
8.1%
4.8%
5.4%
4.3%
2.6%
3.0%
18.3%
16.6%
10.0%
9.2%
8.5%
8.3%
8.3%
5.5%
5.0%
4.3%
3.0%
2.9%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%
NCB
Al Rajhi
Riyad
Saudi Fransi
Samba
SAAB
ANB
Alinma
Alawwal Bank
SAIB
Albilad
AlJazira
Loan Breakdown
The commerce sector is the largest borrower among all
sectors, accounting for 22.7% of the total loans, followed
by the manufacturing sector (11.9% of the total loans). The
construction sector, which ranks third, witnessed a decline in
borrowing due to which its share fell from 8.0% in 3Q2016 to
7.4% in 3Q2017.
Retail Loans
The sector’s retail loans (excluding real estate financing,
finance leasing, and financing against shares (margin lending)
contracted 0.8% YoY (up 0.5% QoQ) to SAR 340.2bn in 2Q2017.
Loans for vehicles are the biggest constituent of retail loans,
accounting for almost 10.0% in 2Q2017. Loans for home
renovation financing comprised 7.7% of the total retail loans.
Retail loans acquired through credit cards accounted for 3.1%
in 2Q2017, a jump from 3.0% in 2Q2016.
Real Estate Loans
Starting 2Q2010, real estate loans registered a seven-year CAGR
of 22.1% to SAR 223.4bn in 2Q2017. In 2Q2017, the retail and
corporate sectors accounted for 51.5% and 48.5% of the total
real estate loans, respectively.
Real estate loans in the corporate sector rose 29.6% YoY to SAR
108.3bn in 2Q2017, whereas retail loans advanced 6.3% YoY
to SAR 115.0bn. Loans in the corporate sector witnessed an
increase in growth from 14.4% YoY in 2Q2016 to 29.6% YoY in
2Q2017.
Market Share in Loans by Bank
The market share of National Commercial bank (NCB), the
sector’s biggest lender, marginally increased to 18.3% in
3Q2017 from 18.2% in 3Q2016. Al Rajhi Bank, with the second
largest market share, advanced to 16.6% in 3Q2017 from 15.9%
in 3Q2016. Alinma Bank was the second biggest gainer in terms
of market share (after Al Rajhi Bank) in the loan market, while
Riyad Bank was the biggest loser.
Riyad Bank’s market share dropped to 10.0% in 3Q2017 from
10.6% in 3Q2016.
The market share of Shariah-compliant banks rose to 28.0%
in 3Q2017 from 26.3% in 3Q2016, primarily led by Al Rajhi.
Among other Shariah-compliant banks, Alinma’s market share
increased from 4.8% in 3Q2016 to 5.5% in 3Q2017. In addition,
Bank Albilad’s market share grew from 2.6% in 3Q2016 to 3.0%
in 3Q2017. However, Bank AlJazira’s market share declined from
3.0% in 3Q2016 to 2.9% in 3Q2017.
November 2017
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q3-2017
Bank Loans Distribution
Performing Loans to NPLs
ADR ratio
Source: Company Financials
Al Rajhi Alinma ANB Albilad Aljazira Saudi Fransi
NCB Riyad Samba SAAB Alawwal Bank
SAIB
3Q-2016 3Q-2017 % growth
In B
n SA
R
2.8%12.8%
0.5%
15.2%
-5.2%
-3.2%
-1.0%
-7.2%-6.8% -6.8%
-9.2%
-0.2%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
-
50
100
150
200
250
300
NPLs-Industry Average 4Q-2016 , 1.2%
NPLs-Industry Average 4Q-2015 , 1.1%
Performing Loans 3Q-2017 Non-performing Loans-3Q-2017 % Share of NPLs-RHS
NPLs-Industry Average 3Q-2017 NPLs-Industry Average 3Q-2016
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
50
100
150
200
250
300
Al Rajhi Alinma ANB Albilad Aljazira Saudi Fransi
NCB Riyad Samba SAAB Alawwal Bank
SAIB
In B
n SA
R
0.73%
0.99%
1.1%
1.11%
1.2%
1.79%1.8%
0.97%0.88%
1.4%
2.8%
1.98%
1.1%
Al Rajhi Alinma ANB Albilad AlJazira Saudi Fransi
NCB Riyad Samba SAAB Alawwal Bank
SAIB
3Q-2017 ADR 3Q-2016 ADR
88.4% 90.7% 92.5% 92.5%
83.9% 84.9% 87.1%92.1%
73.6%
89.1% 88.2% 87.5%
85% 91%92% 90% 87% 93%
85%96%
75.7%89% 94% 94%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
Of the 12 banks in the sector, four registered YoY increase in gross loans.
Albilad Bank’s loan book registered the strongest growth of 15.2% YoY in 3Q2017, helping it increase its market share.
Alinma, with a 12.8% YoY jump in gross loans, was the second best performer. Alawwal Bank was the worst performer, with gross loans contracting 9.2% YoY in 3Q2017, followed by Riyad Bank (down 7.2% YoY). Arab National Bank posted the slowest growth in loans (0.5% YoY).
Shariah-compliant banks’ gross loans grew 6.4% YoY on average in 3Q2017.
Non-Performing Loans
The sector’s non-performing loan ratio stood at 1.33% in 3Q2017 compared with 1.14% in 3Q2016. The NPL coverage ratio fell to 169% in 3Q2017 from 178% in 3Q2016.
Al Rajhi and Samba, with NPL ratios of 0.73% and 0.88%, respectively, are leaders in the industry. The NPL coverage of Al Rajhi and Samba stood at 326% and 186%, respectively, in 3Q2017.
Alawwal Bank had the highest NPL ratio of 2.84% and its NPL coverage ratio stood at 138% in 3Q2017. Al Rajhi’s NPL coverage improved the most from 201% in 3Q2016 to 326% in 3Q2017, while Saudi Investment Bank posted the biggest drop in NPL coverage ratio from 196% in 3Q2016 to 90% in 3Q2017.
Advances-to-Deposit Ratio
The industry ADR ratio fell to 87.1% in 3Q2017 from 88.1% in
3Q2016, as total gross loans declined 1.6% YoY and deposits
declined 0.5% YoY.
Albilad Bank and Arab National posted the highest ADR’s of
92.5% each, followed by Riyad Bank at 92.1% in 3Q2017. Samba
recorded the lowest ADR of 73.6% in 3Q2017 compared with
75.7% in 3Q2016.
Notably, the Saudi Arabian Monetary Agency (SAMA) had
increased the regulatory ADR limit to 90% from 85%.
November 2017
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Saudi Banking Sector
Saudi Arabia | Quarterly Report | Q3-2017
NIMS
Absolute Cost on Saving and Time Deposits
Lending rates
Operating Income BreakdownCompany-wise Operating Income
Source: Company Financials
Source: Company Financials, Bloomberg
Al Rajhi Alinma ANB Albilad AlJazira Saudi Fransi
NCB Riyad Samba SAAB Alawwal Bank
SAIB
3Q - 2016 3Q - 2017
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
1.60%
1.80%
Al Rajhi Alinma ANB Albilad AlJazira Saudi Fransi
NCB Riyad Samba SAAB Alawwal Bank
SAIB
IN M
n SA
R
3Q-2016 3Q-2017 % Change
-9%
-19%
-28%
-6%
-25%
9%
-11%
-34%
-11%
-38% -38%
-10%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
-
100
200
300
400
500
600
700
800
900
1,000
Al Rajhi Alinma ANB Albilad AlJazira SaudiFransi
NCB Riyad Samba SAAB Alawwal Bank
SAIB
3Q-2016 3Q-2017
1.32% 1.31% 1.26% 1.25% 2.48% 1.15% 1.65% 1.22% 1.35% 1.24% 1.38% 1.38%
1.33% 1.34%1.25% 1.28%
2.35%
1.30%
1.63%
1.33% 1.41%1.24%
1.37% 1.40%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3Q 2017
3Q 2016Retail
Corporate
Treasury
Investment Services and Brokerage
Others
45.6%
31.1%
17.6%
3.3%2.5%
44.4%
32.5%
16.4%
3.2%3.5%
Al Rajhi Alinma ANB Albilad AlJazira Saudi Fransi
NCB Riyad Samba SAAB Alawwal Bank
SAIB
Retail Corporate Treasury OthersInvestment Services and Brokerage
(500)
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
In M
N S
AR
NIMs
Of the 12 banks, the net interest margin (NIM) of three banks decreased (up from two in 2Q2017).
NCB recorded the greatest drop in NIM from 0.44% in 3Q2016 to 0.21% in 3Q2017, followed by Al Rajhi (0.60% to 0.45%). Alawwal Bank registered the largest increase in NIM (up 0.31%) to 0.83% in 3Q2017 from 0.52% in 3Q2016. Overall, the sector’s return on savings and time deposits decreased 19% YoY in 3Q2017 compared with 9% YoY decline in 2Q2017.
NCB reported the highest cost of SAR 833mn on savings deposits in 3Q2017 compared with SAR 935mn in 3Q2016, a decrease of 11.0% YoY. Banque Saudi Fransi was the only bank to record a growth in return on deposit at 9.4% YoY.
NCB recorded the highest return on time and savings deposits at 1.42%, followed by Al Rajhi at 0.88%.
Saudi British Bank’s return on time and saving deposits of 0.43% was the lowest in the market, followed by Samba (0.46%).
Operating Income Breakdown
The sector’s operating income jumped 4.9% YoY to SAR 21.8bn in 3Q2017 from SAR 20.8bn in 3Q2016.
Retail accounted for 45.6% of the total operating income in 3Q2017 compared with 44.4% in 3Q2016. Retail income increased 7.7% YoY.
The corporate sector’s contribution declined 1.4% from 32.5% in 3Q2016 to 31.1% in 3Q2017. Earnings from the corporate sector stood at SAR 6.8bn (up 0.5% YoY).
Treasury income rose 12.7% YoY and investment income increased 5.7% YoY. Meanwhile, other income declined 27.0% YoY.
NCB, with operating income of SAR 4.5bn, contributed 20.6% to the total sector earnings in 3Q2017, followed by Al Rajhi’s contribution of 18.2% (earnings of SAR 4.0bn).
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
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Disclaimer
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. 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.
2. 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.
3. 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.
4. 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.
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.
Head of Research
Talha Nazar +966 11 2256250t.nazar@aljaziracapital.com.sa
AnalystSultan Al Kadi, CAIA+966 11 2256374s.alkadi@aljaziracapital.com.sa
Analyst
Jassim Al-Jubran +966 11 2256248j.aljabran@aljaziracapital.com.sa
Analyst
Waleed Al-jubayr+966 11 2256146W.aljubayr@aljaziracapital.com.sa
Analyst
Muhanad Al-Odan+966 11 2256115M.alodan@aljaziracapital.com.sa
General Manager – Brokerage Services &
sales
Alaa Al-Yousef+966 11 2256060a.yousef@aljaziracapital.com.sa
AGM-Head of international and institutional
brokerage
Luay Jawad Al-Motawa +966 11 2256277lalmutawa@aljaziracapital.com.sa
AGM- Head of Western and Southern Region Investment
Centers
Mansour Hamad Al-shuaibi +966 12 6618443m.alshuaibi@aljaziracapital.com.sa
AGM-Head of Sales And Investment Centers
Central Region
Sultan Ibrahim AL-Mutawa +966 11 2256364s.almutawa@aljaziracapital.com.sa
AGM-Head of Qassim & Eastern Province
Abdullah Al-Rahit +966 16 3617547 aalrahit@aljaziracapital.com.sa