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MULTI-INVESTMENTExhibit 114: Revenue of companies, 2005–2008 (SR mn) Exhibit 115: Profitability (%) of companies, 2005 – 2008200600012040001602000080120-2000-40004080-600040-8000-10000002005 2006 2007 2008-12000-14000-402005 2006 2007 2008Al-Ahsa Saudi Advanced Saudi RefineriesSaudi Industrial Al-Baha Kingdom*Assir*Assir Al-Ahsa Saudi AdvancedSaudi Refineries Saudi IndustrialSource: Gulfbase, Bloomberg, Reuters* Saudi Refineries FY08 ended April 08Companies marked * are plotted on secondary axisSource: Gulfbase, Bloomberg, Reuters*non meaningful values have been excludedCompanies operating in the sector had significantly high price multiples in 2005, primarily due toanticipated growth prospects, supported by Government initiatives such as the planneddevelopment of economic cities across KSA. However, following a major correction in the Saudistock market, valuations have significantly corrected and now are at attractive levels, comparedwith 2005 and early 2006 levels. At the end of 2007, the sector had high P/E and P/BV of 45.4xand 2.0x respectively. Both, P/E and P/BV multiples have declined in 2008 with most of theleading companies posting losses for the year. Most companies posted negative RoEs andP/BVs that have fallen from 2007 levels.Exhibit 116: Comparison of P/B and RoE, 2007 Exhibit 117: Comparison of P/B and RoE, 2008386028SaudiRefineries40200SaudiAdvancedAl AhsaSaudiRefineriesROE(%)188AseerAl AhsaROE(%)(20)(40)(60)AseerAl BahaP/BP/B(80)(2)(100)Kingdom(12)Kingdom0 1 2 3 4 5(120)(140)(2) (1) 0 1 2 3 4 5 6 7Source: Gulfbase, Bloomberg, Reuters, NCBC ResearchSize of the bubble represents market cap. as on 31 Dec 2007Source: Gulfbase, Bloomberg, Reuters, NCBC ResearchSize of the bubble represents market cap. as on 31 Dec 2008JUNE 2009 SAUDI ARABIA FACT BOOK 76