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  • UAE Flag
    FIRST LOOK NOTES
    13 Mar 2025
    Fertiglobe PLC
    BUY
    AED 2.19
    AED 3.20
    +46.12%

    UAE Equity Research - Fertiglobe PLC 4Q24 - First Look Note

    Total sales volume declined 23% YOY to 1.2 Mn MT in 4Q24 due to planned turnarounds in Algeria and the strategic deferral of certain shipments to 1Q25. Achieved its cost optimization target of USD 50 Mn in annual recurring savings in 2024 and remains on track to realize an incremental EBITDA of USD 100 Mn from its Manufacturing Improvement Plan (MIP) by the end of 2025.
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  • Saudi Flag
    FIRST LOOK NOTES
    12 Mar 2025
    Saudi Basic Industries Corp
    BUY
    SAR 63.50
    SAR 90.00
    +41.73%

    Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 4Q24 - First Look Note

    Average product selling price declined 1.0 % YOY in 4Q24, while sales volume declined marginally. Revenue from petrochemicals segment declined 1.5% YOY to SAR 31.7 Bn, while revenue from agri-nutrients segment grew 5.0% YOY to SAR 3.0 Bn in 4Q24.
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  • Saudi Flag
    FIRST LOOK NOTES
    10 Mar 2025
    Saudi Arabian Fertilizer Co
    BUY
    SAR 109.80
    SAR 130.00
    +18.40%

    Saudi Equity Research - SABIC Agri-Nutrients Co 4Q24 - First Look Note

    SABIC AGRI-NUTRIENTS revenue increased 1.5% YOY to SAR 3,017 Mn in 4Q24, driven by growth in sales of agri-nutrients segment partially offset by a decline in sales of the petchem segment. The Company’s EBITDA margin grew 51 bps QOQ to 36.1%, while the net margin expanded 264 bps QOQ to 31.6% in 4Q24.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    05 Mar 2025
    Borouge PLC
    BUY
    AED 2.50
    AED 2.95
    +18.00%

    UAE Equity Research - Borouge PLC 4Q24 - M&A Insight

    ADNOC and OMV have established a binding framework agreement that details the merger of Borouge Plc (Borouge) and Borealis AG (Borealis) to create a new organization called Borouge Group International, positioning it as a prominent global player in polyolefins.
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  • UAE Flag
    FIRST LOOK NOTES
    07 Feb 2025
    Borouge PLC
    BUY
    AED 2.53
    AED 2.95
    +16.60%

    UAE Equity Research - Borouge PLC 4Q24 - First Look Note

    Borouge’s PE sales volume rose 10% YOY to 823 thousand tonnes and PP sales volume surged 5% YOY to 640 thousand tonnes in 4Q24. The Company exhibited a utilization rate of 113% for PE and 98% for PP in 4Q24.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    05 Feb 2025
    Borouge PLC
    BUY
    AED 2.57
    AED 2.95
    +14.79%

    UAE Equity Research - Borouge PLC 4Q24 - Earnings Call Insight

    Borouge’s revenue grew 8.3% YOY to USD 1.6 Bn in 4Q24, owing to an 8% growth in total sales volume coupled with a marginal increase of 1% in average selling prices. Direct cost rose 8.1% YOY to USD 972 Mn in 4Q24 owing to higher volumes.
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  • UAE Flag
    FIRST LOOK NOTES
    22 Nov 2024
    Fertiglobe PLC
    BUY
    AED 2.43
    AED 3.20
    +31.69%

    UAE Equity Research - Fertiglobe PLC 3Q24 - First Look Note

    Fertiglobe’s total sales volume declined 8.7% YOY to 1.38 Mn MT in 3Q24 due to gas and power supply fluctuations in Egypt & Algeria in addition to planned shutdowns. Achieved 92% of its USD 50 Mn run rate cost optimization target at the end of September 2024, and it expects to realize the full target by the end of 2024.
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  • Saudi Flag
    FIRST LOOK NOTES
    21 Nov 2024
    Saudi Basic Industries Corp
    BUY
    SAR 70.00
    SAR 90.00
    +28.57%

    Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 3Q24 - First Look Note

    SABIC’s average product selling price rose 3% YOY in 3Q24 while sales volume declined 1% YOY. Petrochemicals sales volumes grew 5% QOQ to 10.03 MMT in 3Q24 while Agri-Nutrients sales volume declined 1% QOQ to 1.84 MMT.Achieved mechanical completion of the Pyoil plant.
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  • Saudi Flag
    FIRST LOOK NOTES
    15 Nov 2024
    Saudi Arabian Fertilizer Co
    ACCUMULATE
    SAR 113.80
    SAR 130.00
    +14.24%

    Saudi Equity Research - SABIC Agri-Nutrients Co 3Q24 - First Look Note

    SABIC AGRI-NUTRIENTS revenue increased 6.7% YOY to SAR 2,850 Mn in 3Q24, driven by a 5% growth in sales volume and a 2% growth in average selling price. The Company’s gross margins grew 393 bps QOQ to 37.6%, while the EBITDA margin grew 115 bps QOQ to 35.5% in 3Q24.
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