Aljazira Cap issues Q1 profit estimates; SABIC seen 48% higher

Aljazira Capital has issued forecasts for Q1 2017 net profit for 41 Tadawul-listed companies under its coverage.

Al Rajhi Bank, the kingdom’s second-largest lender, is expected to see its profit rise 7 percent year-on-year (YoY) to SAR 2.2 billion for the quarter.

Bank Albilad will likely report the largest profit growth of 27 percent YoY among peers to SAR 221 million, Aljazira Capital said.

In the telecom sector, Saudi Telecom Co. (STC) is projected to post a 3.5 percent YoY decline in net profit to SAR 2.3 billion.

Meanwhile, Etihad Etisalat Co.’s (Mobily) net profit is expected to jump 15 percent YoY to SAR 19 million in Q1-2017.

Among petrochemical stocks, SABIC’s profit will jump 48 percent YoY to SAR 5.04 billion, while Saudi International Petrochemical Company (Sipchem) is projected to report a 95 percent surge in Q1 net profit, the brokerage said in its report.

Elsewhere, Saudi retailer Jarir Marketing Co.’s (JMC) profit is forecast to grow by 2.3 percent YoY, while Saudi Company for Hardware (SACO) is likely to see its bottom line lower 2.7 percent YoY.

Cement producers are likely to post lower profit for the quarter, with Najran Cement and Arabian Cement seeing their net earnings dropping by 72 percent and 69.3 percent YoY, respectively.

In the health sector, Al Hammadi Company for Development and Investment will likely record the largest profit growth at 36 percent YoY among peers under coverage.

Meanwhile, Almarai and Halwani Bros are expected to report profit rises of 16 percent and 15 percent YoY respectively in Q1 2017.

Abdullah Al Othaim Markets’ profit is forecast to grow by 19 percent YoY.