Net profit of Saudi retailers set to drop 21% in Q3

The aggregate net profit of eight Tadawul-listed retailers is forecast to fall 21 percent year-on-year (YoY) to SAR 533 million in third quarter, according to average estimates compiled by Argaam.

Six retail firms are projected to report lower profit this quarter, led by electronics retailer United Electronics Co. (eXtra) with a 67 percent plunge YoY to SAR 4 million.

Al Khaleej Training and Education Co. and Fawaz Abdulaziz Alhokair Co. are set to see their profits fall 64 percent and 28 percent YoY, respectively.

Aldrees Petroleum and Transport Services Co. will likely post a marginal drop of 8 percent YoY to SAR 30 million.

Saudi Company for Hardware (SACO) is expected to be the sole gainer in the sector, with a 4 percent profit growth to SAR 19 million.

Abdullah Al Othaim Markets Co.’s net profit is forecast to remain flat YoY at SAR 37 million.

Argaam compiled estimates from Aljazira Capital, NCB Capital, Albilad, and Alistithmar Capital.