Al Rajhi Capital issues Q3 2020 profit forecasts for Saudi companies

Al Rajhi Capital issued Q3 2020 earnings forecasts for Saudi-listed companies.

Saudi Arabian Oil Co. (Saudi Aramco) is forecast to post a decline of 38% year-on-year (YoY) in Q3 2020 net profit to SAR 49.3 billion. Saudi Basic Industries Corporation (SABIC) is expected to post a 38% profit rise YoY to SAR 925 million during the same period.

In petrochemicals, Sahara International Petrochemical Company (Sipchem) is expected to see a 86% YoY slump in the third-quarter net profit.

Elsewhere, Najran Cement Co. is seen making a net profit of SAR 39 million, a surge of 176% YoY in Q3. Saudi Cement Co. is forecast to report a 45% YoY profit increase in the three-month period.

In the telecom sector, Etihad Etisalat Co.’s (Mobily) profit is projected to surge 323% YoY to SAR 216 million.

Herfy Food Services Co.’s Q3 2020 net profit is estimated to drop 44% YoY.

In retail, Jarir Marketing Co.'s earnings are projected to fall by 26% YoY to SAR 225 million in Q3.

Elsewhere, all healthcare sector companies are seen to report profit growth in Q3 2020.

*Q2 as the fiscal year ends March 31.