NCBC issues Q1 estimates for Saudi-listed firms
NCB Capital (NCBC) has issued Q1-2016 earnings forecasts for 41 Saudi-listed companies.
In the banking sector, Bank Aljazira is expected to report the largest hike in net profit of 68.5 percent year-on-year (YoY) to SAR 382 million in the first quarter.
Al Rajhi Bank’s profit is projected to jump 25.9 percent YoY to SAR 1.9 billion. Saudi Investment Bank (SAIB) and Saudi Hollandi Bank (SHB) are both expected to see earnings decline by around 11 percentYoY.
Saudi Basic Industries Corp. (SABIC) is forecast to see a profit drop of 29 percent YoY to SAR 2.8 billion, while Saudi International Petrochemical Co. (Sipchem) is projected to see its earnings plunge 65.4 percent YoY to SAR 27.9 million.
Meanwhile, National Petrochemical Co.’s (Petrochem) net profit is forecast to see the biggest increase within the sector of 91 percent YoY to SAR 195 million for the same quarter.
The brokerage added that the six cement firms covered will likely see profit declines for the period, with Saudi Cement likely to post the biggest drop of 17.8 percent YoY to SAR 193 million.
Eastern Cement is expected profit decline of 15.8 percent in Q1, followed by Yamama Cement with a 13.9 percent drop.
Among telecom stocks, Saudi Telecom Co. (STC) is projected to record a 0.5 percent rise YoY in Q1 net profit to SAR 2.5 billion. A SAR 201 million profit was forecast for Etihad Etisalat Co. (Mobily) during the quarter, while Mobile Telecommunications Company Saudi Arabia is expect to record a net loss of SAR 215 million for the quarter.
Real estate developers are also seen to post lower profits in Q1. Saudi Real Estate Co. (Al Akaria) and Dar Al-Arkan Real Estate Development Co. are expectedto post profit declnies of 49.9 percent and 44.3 percent, respectively, YoY.
As for Saudi retailers, Abdullah Al Othaim Markets will likely outperform the sector with a 7.5 percent profit increase YoY to SAR 53 million. Al Hassan Ghazi Ibrahim Shaker followed with a 0.9 percent rise YoY in the same period.
Meanwhile, Jarir Marketing Co. (JMC) is expected to see the biggest profit drop among retail stocks of 26.8 percent. Fawaz Abdulaziz AlHokair Co. and United Electronics Co. (eXtra) will also report earnings declines at 18.8 percent and 18.3 percent, respectively.
Savola Group’s net profit is projected to plunge 46.7 percent YoY to SAR 251 million. Almarai will likely post a 2.2 percent decline in net profit to SAR 300 million in the same period, the note issuer added.
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