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Al Rajhi Capital issues Q2 2019 estimates; SABIC to drop 49%
Al Rajhi Capital on Monday released Q2 2019 earnings forecasts for 29 Saudi-listed firms under its coverage.
Saudi Basic Industries Corp. (SABIC) is likely to post a 49 percent fall year-on-year (YoY) in Q2 2019 net profit to SAR 3.44 billion.
Forecasts were also negative for the remaining petrochemical producers under coverage.
Yansab is expected to see net earnings of SAR 466 million in earnings, a decline of 43 percent YoY.
Qassim Cement Co. and Southern Province Cement Co. are forecast to post a two-fold increase in the second quarter net profit to SAR 52 million and SAR 99 million, respectively.
In the telecom sector, Saudi Telecom Co.'s (STC) profit is expected to rise 10 percent YoY to SAR 2.70 billion.
Elsewhere, Savola Group is likely to post 36 percent profit growth YoY in the same quarter.
Fast food restaurant chain, Herfy, will see its net income 9 percent higher YoY to SAR 51 million.
Al Rajhi Capital's outlook for all retailers under coverage was positive. Home appliance retailer, eXtra, is projected to record a 65 percent YoY rise in net profit to SAR 75 million.
Healthcare service provider, Al Hammadi Company for Development and Investment, is likely to post a 19 percent YoY fall in Q2 2019 net profit.
|
Al Rajhi Capital’s Q2 Forecasts (SAR mln) |
||
|
Company |
Q2 2019 Estimates (SAR mln) |
YoY Variation |
|
Petrochemicals Sector |
||
|
SABIC |
3,444 |
(49%) |
|
Sipchem |
290 |
(33%) |
|
SAFCO |
403 |
(2%) |
|
Tasnee |
154 |
(61%) |
|
Yansab |
466 |
(43%) |
|
Advanced |
184 |
(27%) |
|
Cement Sector |
||
|
Arabian Cement |
26 |
-- |
|
Yamama Cement |
42 |
-- |
|
Saudi Cement |
104 |
+79% |
|
Qassim Cement |
52 |
+182% |
|
Yanbu Cement |
57 |
-- |
|
Southern Cement |
99 |
+175% |
|
Telecommunications |
||
|
STC |
2,696 |
+10% |
|
Mobily |
57 |
-- |
|
Zain |
111 |
-- |
|
Food & Agriculture |
||
|
Almarai |
629 |
(5%) |
|
Savola |
140 |
+36% |
|
Herfy |
51 |
+9% |
|
Catering |
117 |
(3%) |
|
Retail |
||
|
Jarir |
179 |
+10% |
|
Al Othaim |
85 |
+15% |
|
eXtra |
75 |
+65% |
|
Alhokair |
263 |
+6% |
|
Healthcare Sector |
||
|
Dallah |
32 |
+72% |
|
Mouwasat |
99 |
+13% |
|
Care |
25 |
+21% |
|
Al Hammadi |
16 |
(19%) |
|
Other sectors |
||
|
Maaden |
(29) |
-- |
|
Bupa Arabia |
209 |
+17% |
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