Saudi growth companies to see 2% profit rise in Q2

The combined net profit of Tadawul-listed growth companies is projected to rise 2 percent year-on-year (YoY) to SAR 4.47 billion in Q2-2016, according to estimates of equity research firms compiled by Argaam.

The National Shipping Company of Saudi Arabia (Bahri) is expected to report the biggest profit surge of 51 percent y-o-y to SAR 515.7 million in Q2. In addition, National Gas & Industrialization Co. (GASCO) will likely see its profit rise by 35 percent to SAR 36.9 million in Q2 2016. Saudi Electricity Co. (SEC) will follow with a 19 percent profit rise in Q2 2016.

Meanwhile, Saudi Pharmaceutical Industries & Medical Appliances Corporation (SPIMACO) is forecast to report a profit drop of 65 percent year-on-year to SAR 96.8 million in the second quarter of 2016.

Saudi Arabian Mining Company (Maaden) is also expected to report a profit decline of 37 percent YoY to SAR 169.6 million in Q2.

Analyst estimates included figures from Alistithmar Capital, which provided coverage for five firms, and Saudi Fransi Capital and Riyad Capital, which gave estimates for only one firm each.