Al Rajhi Capital issues Q1 2020 profit forecasts for Saudi companies
23/04/2020 Argaam Special
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Al Rajhi Capital issued Q1 2020 earnings forecasts for Saudi-listed companies. Saudi Arabian Oil Co. (Saudi Aramco) is forecast to make SAR 76.1 billion profit in Q1 2020, whereas Saudi Basic Industries Corporation (SABIC) is expected to report SAR 155 million in losses during the same period.
In petrochemicals, Sahara International Petrochemical Company (Sipchem) is expected to report a 19% profit decline year-on-year (YoY) to SAR 93 million in Q1 2020, while Saudi Arabian Fertilizer Co. (SAFCO) is seen to report an 11% profit decrease YoY to SAR 297 million in the three-month period.
As for cement, Arabian Cement is seen making a net profit of SAR 58 million, up by 56% YoY in Q1, while Saudi Cement is forecast to report a 6% profit slump in the three-month period.
In the telecom sector, Mobile Telecommunications Company Saudi Arabia (Zain Saudi) is projected to generate SAR 180 million in profit, an increase of 39% YoY.
As for the food industries companies, Herfy Food Industries' Q1 2020 net profit is estimated to rise 6% YoY.