GulfBase GCC Cap Indices
Large Cap4,023 0.80
Med Cap3,850 0.49
Small Cap4,907 0.91
Micro Cap8,519 0.62

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Ticker Price Volume
GFH 0.46 3,578,848
BKSB 0.14 275,822
DSI 0.39 45,711,538
ALINMA 16.5 3,084,810
DAMAC 3.84 686,475
ALKHODARI 10.04 34,083
DANA 0.6 9,001,191

Air Arabia Co.

Source: NBK Capital

Trend is Free Cash Flow and Capex

The sample companies incurred total capex of USD 606 million in 2010, representing a decrease of 25% compared to 2009. This resulted in a 7.4% YoY increase in FCF. FCF as a percentage of total revenue increased to 30% in 2010 compared to 25% in 2009.

In light of the recent developments in the regional cement sector, we do not expect any major capacity expansion or upgrades to existing production lines in the short to medium term. Only Yanbu Cement and Riyadh Cement in Saudi Arabia are currently undergoing expansion, and they are expected to add 3.4 mtpa and 2 mtpa, respectively, over the next three years.

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