Al Rajhi Cap issues Q4 2019 earnings forecast for 31 listed firms
07/01/2020 Argaam Special
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Al Rajhi Capital released Q4 2019 earnings forecast for 31 Saudi-listed firms under its coverage.
Saudi Basic Industries Corporation (SABIC) is expected to post a 68% profit drop year-on-year (YoY) to SAR 1.05 billion in Q4 2019.
National Industrialization Co.’s (Tasnee) earnings are seen down 81% to SAR 36 million, while Saudi Arabia Fertilizers Co.’s (SAFCO) is estimated to make SAR 346 million in Q4, down 39% YoY.
Yamama Cement Co. is expected to report a more than eight-fold increase in the fourth quarter net profit to SAR 68 million. Also, Arabian Cement Co.’s earnings are forecast to rise more than three-fold to SAR 42 million in Q4.
In the telecom sector, Saudi Telecom Co.'s (STC) profit is expected to drop 12% YoY to SAR 2.74 billion.
Elsewhere, Almarai Co. is likely to post 50% profit hike YoY in the same quarter.
Fast food restaurant chain, Herfy, will see its net income 5% higher YoY to SAR 55 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% profit drop YoY in Q3.