Almarai likely to post 15% profit growth in Q2: Alistithmar

Almarai, one of the Middle East’s largest producers of poultry and dairy products, is expected to post SAR 499 million in second quarter profit, a 15 percent growth year-on-year, Alistithmar Capital said in its latest report.

The firm issued profit forecasts for a number of Tadawul-listed banks and companies, including Saudi Basic Industries Corp. (SABIC), Yanbu National Petrochemical, Al Rajhi, and National Commercial Bank (NCB).

SABIC, the kingdom’s largest petrochemicals producer, is likely to report SAR 4.88 billion in earnings for second quarter, a 24 percent drop (YoY), Alistithmar added. The projections are nearly in line with Osool & Bakheet Investment Group’s report, which predicts a 23 percent decline to 4.96 billion for SABIC, and a 13 percent growth (YoY) for Almarai.

Yanbu National Petrochemical Company (Yansab) is seen to be the biggest drag, according to Alistithmar, with a projected 35 percent drop compared to the same period last year.

Al Rajhi Bank is anticipated to post a 14 percent decline in Q2 profit, while NCB profit is expected to rise 6 percent (YoY).