Riyad Cap issues Q2 2020 earnings forecast for 26 listed firms

Riyad Capital published its Q2 2020 earnings forecast for 26 Tadawul-listed firms under its coverage.

Saudi Basic Industries Corporation (SABIC) is expected to post an 80% profit drop year-on-year (YoY) to SAR 431 million in Q2 2020.

National Industrialization Co.’s (Tasnee) earnings are seen down 93% to SAR 21 million, while Saudi Arabian Fertilizers Co.’s (SAFCO) is estimated to make SAR 282 million in Q2, down 26% YoY.

In the banking sector, Al Rajhi Bank is seen to post a 20% profit decline in Q2 to SAR 2.056 billion while National Commercial Bank (NCB) is expected to post a 17% drop in earnings to SAR 2.221 million.

Saudi Cement Co. is expected to report a decrease in the Q2 net profit to SAR 70 million while Southern Province Cement’s earnings are forecasted to rise 19% to SAR 108 million in the same period.

In the telecom sector, Saudi Telecom Co.'s (STC) profit is expected to drop 4% YoY to SAR 2.745 billion.

Elsewhere, Jarir Marketing Co. is likely to post 7% profit hike YoY in the same quarter. 

Saudi Electricity Co. (SEC) is expected to realize a net profit of SAR 663 million for the period.

*Merged with Alawwal Bank.