SICO issues Q4 profit estimates, Al Rajhi seen 6% higher
08/01/2019 Argaam Special
Bahrain-based SICO Investment Bank on Tuesday released Q4 2018 net profit forecasts for the Tadawul-listed Saudi firms under its coverage.
Al Rajhi Bank is likely to report profit growth at 6 percent year-on-year (YoY) to SAR 2.6 billion in Q4 2018.
Banque Saudi Fransi is expected to report the highest profit growth at 90 percent YoY to SAR 803 million.
National Commercial Bank (NCB) will see its net profit lower by 8 percent YoY to SAR 2.3 billion.
Petrochemical major Saudi Basic Industries Corp.’s (SABIC) earnings are projected to jump 27percent YoY to SAR 4.6 billion in Q4 2018. Advanced Petrochemical’s profit is forecast to soar 66 percent YoY.
However, National Industrialization Co.’s (Tasnee) profit will drop 34 percent YoY to SAR 217 million.
According to SICO, Saudi Telecom Co.’s (STC) net income is expected to rise 15 percent YoY to SAR 3.04 billion.
The investment bank gave a bearish outlook for all cement firms. Arabian Cement’s net earnings are projected to plunge 82 percent YoY, while Saudi Cement’s profit is likely to decline 8 percent YoY.
Saudi Arabian Mining Co. (Maaden) is expected to post net profit of SAR 370 million in the same period.