NCB Cap issues Q1 profit estimates; SABIC said to drop 25%
09/04/2019 Argaam Special
NCB Capital issued its Q1 estimates for Saudi-listed companies under its coverage, with Saudi Basic Industries Corp. (SABIC) expected to post a net profit of SAR 4.11 billion, a 25 percent year-on-year drop.
Al Rajhi Bank’s Q1 earnings are expected to rise by 11 percent YoY to SAR 2.65 billion.
NCB Capital expects all petrochemicals firms under its coverage to post lower profit this time around, with the exception of Sahara Petrochemical Co., which is forecast to generate net profit of SAR 178 million, up by 27 percent YoY.
In the telecom sector, Saudi Telecom Co. (STC), the largest mobile services provider, is estimated to post a profit rise of 2 percent YoY to SAR 2.65 billion in Q1.