Aljazira Cap issues Q3 forecasts; SABIC to see 6% profit decline

Aljazira Capital has issued Q3-2016 earnings forecasts for a number of Tadawul-listed firms under its coverage.

Petrochemical giant Saudi Basic Industries Corporation (SABIC) is projected to post a net profit decline of 6 percent year-on-year to SAR 5.26 billion in Q3-2016.

Yanbu National Petrochemical Co. (Yansab) is projected to make the biggest profit surge of 133 percent YoY to SAR 704 million among peers under coverage.

Meanwhile, Saudi Arabian Fertilizer Co. (SAFCO) will likely report the steepest profit fall at 57 percent YoY to SAR 245 million in the third quarter.

In the banking sector, Al-Rajhi Bank and Alinma Bank’s earnings are forecast to jump 17 percent and 8 percent YoY, respectively.

The brokerage expects three out of 13 cement producers to see higher profit. Tabuk Cement would come on top with an 83 percent profit rise to SAR 17 million in Q3.

Saudi Telecom Co. (STC) is forecast to post a 7 percent drop YoY in Q3 earnings to SAR 2.15 billion.

In the agri-food sector, forecasts were positive for dairy and juice producer Almarai, which will likely register a 10 percent increase YoY in net profit to SAR 656 million.

Maaden's Q3 earnings are projected to climb 46 percent YoY to SAR 117 million.