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.
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Riyad Capital — Q2-2015 Estimates |
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|
Consensus Estimates |
Year-on-Year Change |
Q2-2015 Estimates |
Company |
|
(17%) |
163 |
Petrochem |
|
|
(26%) |
4,755 |
SABIC |
|
|
(18%) |
527 |
SAFCO |
|
|
(78%) |
90 |
Tasnee |
|
|
(5%) |
199 |
Saudi Industrial Investment Group |
|
|
-- |
13 |
Sahara Petrochemical |
|
|
(61%) |
238 |
Yansab |
|
|
(49%) |
125 |
Sipchem |
|
|
5% |
195 |
Advanced Petrochemical |
|
|
-- |
35 |
Saudi Kayan |
|
|
(70%) |
52 |
Petro Rabigh |
|
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