SICO issues Q1 profit estimates; Al Rajhi seen 8% higher
Bahrain-based SICO Investment Bank has released its first-quarter net profit forecasts for 38 Tadawul-listed Saudi firms under its coverage.
In the banking sector, Al Rajhi Bank and Alinma Bank are expected to report higher profit growth, at 8 percent and 9 percent year-on-year (YoY) to SAR 2.2 billion and SAR 426 million respectively, for Q1 2017.
The National Commercial Bank (NCB) will likely see its net profit lower by 9 percent YoY.
Petrochemical blue chip Saudi Basic Industries Corp.’s (SABIC) first-quarter profit is expected to jump 60 percent to SAR 5.4 billion. Yanbu National Petrochemical Company (Yansab), which is 51 percent-owned by SABIC, is also likely to report a 60 percent YoY rise in net profit.
Meanwhile, Saudi International Petrochemical Co. (Sipchem) will be the top gainer among peers, with a 150 percent YoY surge in Q1 net profit.
SICO forecast Saudi Telecom Co.’s (STC) net income to drop 11 percent YoY to SAR 2.1 billion.
All cement firms under coverage are projected to see profit declines, led by Arabian Cement and Yamama Cement with 72 percent and 58 percent YoY decreases, respectively.
Net profit of Saudi Arabian Mining Co. (Maaden) is likely to grow by 15 percent YoY in the same period.