Al Rajhi Capital issues Q3 earnings forecasts for 29 companies
02/10/2019 Argaam Special
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Al Rajhi Capital released Q3 2019 earnings forecasts for 29 Saudi-listed firms under its coverage.
Saudi Basic Industries Corporation (SABIC) is expected to post a 67 percent profit drop year-on-year (YoY) to SAR 2.04 billion in Q3 2019.
Saudi Arabia Fertilizers Co.’s (SAFCO) earnings are seen down 17 percent to SAR 434 million, while Yanbu National Petrochemical Co. (Yansab) is estimated to make SAR 296 million in Q3, down 59 percent YoY.
Yanbu Cement Co. is expected to report a more than three-fold increase in the third quarter net profit to SAR 49 million. Also, Arabian Cement Co.’s earnings are forecast to more than double to SAR 42 million in Q3.
In the telecom sector, Saudi Telecom Co.'s (STC) profit is expected to rise 12 percent YoY to SAR 2.96 billion.
Elsewhere, Almarai Co. is likely to post 11 percent profit decline YoY in the same quarter.
Fast food restaurant chain, Herfy, will see its net income 3 percent lower YoY to SAR 56 million.
Al Rajhi Capital's outlook for all retailers under coverage was positive except for Fawaz Abdulaziz Alhokair Co. which is expected to post a 10 percent profit drop YoY in Q3.
Home appliance retailer, eXtra, is projected to record a 22 percent YoY rise in net profit to SAR 38 million.