NCB Cap issues Q4 forecasts, Al Rajhi seen 16% higher

NCB Capital has issued its fourth quarter profit estimates for 46 Tadawul-listed companies under its coverage.

Saudi Basic Industries Corp.’s (SABIC) Q4 profit is forecast to rise 19 percent to SAR 5.41 billion year-on-year.

Saudi International Petrochemical Co. (Sipchem) is projected to report the largest growth among sector peers as its net earnings are expected to more than double YoY to SAR 135 million.

Al Rajhi Bank is forecast to see a 16 percent profit increase YoY. Riyad Bank is expected to see a 195 percent profit surge YoY in the same period.

Saudi Electricity Co., however, is likely to post a net loss of SAR 1.58 billion in Q4.

Forecasts were negative for all cement producers under coverage, except for Arabian Cement, which is forecast to report a 162 percent YoY rise in Q4 net profit to SAR 63 million.

Almarai’s net profit is forecast to grow by 9 percent YoY.

Elsewhere, Abdullah Al Othaim Markets and Jarir Marketing Co. are forecast to post 13 percent and 12 percent rise YoY, respectively in Q4.