Osool & Bakheet issues Q2 earnings forecasts for Saudi banks, companies

03/07/2019 Argaam Special

 

Osool & Bakheet Investment Co. issued Q2 2019 earnings forecasts for a number of Saudi-listed banks and companies.

 

Saudi Basic Industries Corporation (SABIC) is expected to post a 52 percent profit drop year-on-year (YoY) to SAR 3.2 billion in Q2 2019.

 

Al Rajhi Bank is forecast to report 10 percent profit growth to SAR 2.8 billion in Q2.

 

National Commercial Bank (NCB) will likely see its earnings up 5 percent YoY to SAR 2.7 billion in Q2.

 

As for telecoms, Saudi Telecom Co. (STC) is projected to generate SAR 2.6 billion in profit in the second quarter, up 6 percent YoY.

 

In the healthcare sector, Al Mouwasat Medical Services Co.’s net profit will likely edge up 2 percent YoY to SAR 90 million.

 

Elsewhere, Saudi Arabia Fertilizers Co.’s (SAFCO) earnings are seen up 1 percent to SAR 413 million, while Yanbu National Petrochemical Co. (Yansab) is estimated to make SAR 377 million in Q2, down 54 percent YoY.

 

Osool & Bakheet Profit Estimates (SAR mln)

Company

Q1 2019 estimates

Y-o-Y variance

Banks

Riyad Bank

1,479.2

+39%

Aljaizra

260.0

+3%

Banque Saudi Fransi

1,025.2

+11%

SABB

1,235.3

(14%)

ANB

925.0

+1%

Samba

1,235.3

(12%)

Al Rajhi

2,828.7

+10%

Albilad

320.0

+16%

Alinma

750.0

+21%

NCB

2,700.2

+5%

Telecom

STC

2600.0

+6%

Food

Al Othaim

77.8

+5%

Healthcare

Mouwasat

90.0

+2%

Dallah

35.0

+87%

Care

25.0

+23%

Basic Materials

Petrochem

139.0

(52%)

SABIC

3,200.0

(52%)

SAFCO

413.0

+1%

Yansab

377.0

(54%)

Advanced

168.0

(34%)

Hail Cement

16.1

--

Najran Cement

3.3

--

City Cement

31.2

+216%

Umm Al Qura Cement

16.1

--

Arabian Cement

26.9

--

Yamama Cement

47.6

--

Saudi Cement

101.9

+75%

Qassim Cement

55.0

+199%

Southern Cement

87.2

+142%

Yanbu Cement

60.4

--

Eastern Cement

37.6

+109%

Other Sectors

eXtra

54.7

+20%

SACO

20.9

+3%

Jarir

167.6

+3%

SASCO

8.9

+21%

Herfy

47.7

+4%

Leejam

38.1

(4%)

SGS

120.0

+7%

Aldrees

18.9

+4%

 

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