SABIC to see 37% profit drop in Q3, says Osool & Bakheet
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Osool & Bakheet Investment Group issued third quarter profit forecasts for a number of Tadawul-listed companies, including Saudi Basic Industries Corp. (SABIC), Saudi Arabian Mining Company (Maaden), Riyad Bank and National Commercial Bank (NCB).
Petrochemicals giant SABIC is likely to report SAR 3.88 billion in earnings during the third quarter, a 37 percent year-on-year (YOY) drop, the group added.
Saudi Arabian Mining Company (Maaden) is the biggest drag, with a projected 39 percent drop compared to the same period during the previous year.
Riyad Bank is seen to post a three percent decline in Q3 profit, while NCB’s profit is expected to rise four percent YOY.