SICO issues Q4 profit estimates, Al Rajhi seen 6% higher

08/01/2019 Argaam Special

 

Bahrain-based SICO Investment Bank on Tuesday released Q4 2018 net profit forecasts for the Tadawul-listed Saudi firms under its coverage.

 

Al Rajhi Bank is likely to report profit growth at 6 percent year-on-year (YoY) to SAR 2.6 billion in Q4 2018.

 

Banque Saudi Fransi is expected to report the highest profit growth at 90 percent YoY to SAR 803 million.

 

National Commercial Bank (NCB) will see its net profit lower by 8 percent YoY to SAR 2.3 billion.

 

Petrochemical major Saudi Basic Industries Corp.’s (SABIC) earnings are projected to jump 27percent YoY to SAR 4.6 billion in Q4 2018. Advanced Petrochemical’s profit is forecast to soar 66 percent YoY.

 

However, National Industrialization Co.’s (Tasnee) profit will drop 34 percent YoY to SAR 217 million.

 

According to SICO, Saudi Telecom Co.’s (STC) net income is expected to rise 15 percent YoY to SAR 3.04 billion.

 

The investment bank gave a bearish outlook for all cement firms. Arabian Cement’s net earnings are projected to plunge 82 percent YoY, while Saudi Cement’s profit is likely to decline 8 percent YoY.

 

Saudi Arabian Mining Co. (Maaden) is expected to post net profit of SAR 370 million in the same period.

 

SICO Bank Forecasts  (SAR mln)

Company

Q4 2018 Estimates (SAR mln)

YoY Variation

Banks

Al Rajhi

2,599

+6%

Alinma

618

+10%

ANB

770

+21%

BSF

803

+90%

NCB

2,349

(8%)

Riyad

1,086

+11%

Samba

1,442

+19%

SABB

886

+25%

Petrochemicals Sector

SABIC

4,647

+27%

Tasnee

217

(34%)

Yansab

290

(63%)

Sipchem

43

(74%)

Advanced

172

+66%

SAFCO

567

--

Kayan

272

--

SIIG

193

(51%)

Petrochem

169

(57%)

Telecommunications

STC

3,045

+15%

Mobily

(156)

--

Cement Sector

Yanbu Cement

21

(78%)

Yamama Cement

(16)

--

Arabian Cement

17

(82%)

Saudi Cement

99

(8%)

Southern Cement

60

(47%)

Qassim Cement

39

(42%)

Industrial & Utilities Sector

Maaden

370

--

Energy Sector

SEC

(1,749)

--

Transport Sector

SGS

69

+8%

Healthcare Sector

Care

24

(22%)

Mouwasat

86

(13%)

Dallah Healthcare

39

(38%)

Al Hammadi

21

(32%)

MEAHCO

52

(33%)

Other Sectors

Saudi Ceramic

(43)

--

MEPCO

27.7

+13%

Almarai

531

+4%

Al Othaim

152

(9%)

Jarir

290

+15%

Herfy

52

+9%

SACO

36

(12%)

Bupa Arabia

115

+74%

Tawuniya

21

--

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