Maaden forecast to post 83% profit drop in Q4, says Osool & Bakheet
Osool & Bakheet Investment Group revealed fourth quarter profit forecasts for a number of Tadawul-listed banks and companies, including Saudi Arabian Mining Company (Maaden), Saudi Basic Industries Corp. (SABIC), Saudi Investment Bank and National Commercial Bank (NCB).
Saudi Arabian Mining Company (Maaden) is seen as the biggest drag, with a projected 83 percent drop compared to the same period during the previous year.
Petrochemicals giant SABIC is likely to report SAR 4.34 billion in earnings during the fourth quarter, a 0.4 percent year-on-year drop, the group added.
Saudi investment Bank is anticipated to post a 17 percent decline in Q4 profit, while NCB profit is expected to decrease 1 percent (YoY).