Saudi Basic Industries Corp. (SABIC) is projected to post SAR 4.75 billion in earnings for second quarter, a 26 percent year-on-year drop, which puts the blue chip ahead of its competitors in terms of expected profit, Riyad Capital said in a report.

 

A strong majority of Saudi-listed petrochemical companies are likely to report double digital year-on-year declines in second quarter results, the brokerage firm said in its forecast for the sector.

 

National Industrialization Co. (Tasnee) should witness the steepest drop in earnings during the period (-78 percent).

 

Advanced Petrochemical is the only firm set to report a rise in Q2 profit, which is projected to increase by five percent to SAR 195 million.

 

Riyad Capital — Q2-2015 Estimates

Consensus

Estimates

Year-on-Year

Change

Q2-2015

Estimates

Company

Consensus

(17%)

163

Petrochem

Consensus

(26%)

4,755

SABIC

Consensus

(18%)

527

SAFCO

Consensus

(78%)

90

Tasnee

Consensus

(5%)

199

Saudi Industrial Investment Group

Consensus

--

13

Sahara Petrochemical

Consensus

(61%)

238

Yansab

Consensus

(49%)

125

Sipchem

Consensus

5%

195

Advanced Petrochemical

Consensus

--

35

Saudi Kayan

Consensus

(70%)

52

Petro Rabigh

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