NCB Capital issues Q2 2020 earnings forecasts for Saudi companies, banks
07/07/2020 Argaam Special
ShareCopy to clipboard
NCB Capital issued its Q2 2020 earnings forecasts for a number of Saudi-listed companies and banks under its coverage, including Saudi Basic Industries Corporation (SABIC), Al Rajhi Bank and Saudi Telecom Co (STC).
SABIC is expected to incur around SAR 677 million losses in Q2 2020, while Al Rajhi Bank is forecast to report a 21% earnings drop year-on-year (YoY) to SAR 2.05 billion in the same period.
For petrochemicals, National Petrochemical Co. (Petrochem) is expected to sustain SAR 199 million losses in the second quarter of this year.
Saudi Arabia Fertilizer Co. (SAFCO) is estimated to see profit down by 27% YoY to SAR 279 million in Q2.
For banks, Banque Saudi Fransi’s second-quarter net profit is projected to decline by 49% YoY to SAR 410 million.
Also, Alinma Bank is forecast to report a 40% profit drop YoY to SAR 407 million in Q2 2020.
Among healthcare services providers, Mouwasat Medical Services Co. is estimated to see earnings down by 0.3% YoY to SAR 90.0 million in the second quarter of 2020.