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Al Rajhi issues Q2 earnings estimates; SABIC set to gain 21%
Al Rajhi Capital on Tuesday released its second-quarter 2018 earnings forecast for Tadawul-listed firms.
Heavyweight sectors petrochemicals and banks are likely to post moderately better numbers on a quarterly basis, excluding one-offs and shutdowns, it said.
Aggregate earnings of the petrochemical sector (ex-SABIC) is expected to improve on a quarterly basis in Q2, primarily due to higher sales volume, supported by stable polymer products prices amid lower natural gas liquids (NGL) costs.
Argaam has complied Al Rajhi's forecast for the listed companies under its coverage:
- Saudi Basic Industries Corp.’s (SABIC) Q2 earnings is expected to rise by 35.6 percent year-on-year (YoY) to SAR 5.03 billion. Revenue is expected to surge by 21 percent to SAR 42.33 billion.
- Sipchem will likely to see a 189.4 percent jump YoY in net profit, due to improving acetic acid and vinyl acetate monomer (VAM) prices.
- Yansab’s bottomline is forecast to increase by 139.5 percent YoY to SAR 828 million due to higher sale volume.
- STC's revenue is estimated to decline by 3 percent YoY, but net profit is likely to rise by 14 percent YoY to SAR 2.709 billion.
- Yamama Cement and Saudi Cement are likely to see their net profits surge by 133.3 percent and 67.5 percent, respectively.
- Saudi dairy producer Almarai will see net profit increasing by 5.5 percent YoY to SAR 711 million while revenue is likely to drop by 1 percent YoY to SAR 3.72 billion.
- Savola is expected to report a 14.8 percent decline YoY in net profit to SAR 137 million.
- eXtra will see its earnings rise by 6.5 percent YoY to SAR 1.08 billion while net profit will jump by 9.6 percent YoY to SAR 48 million.
- Mouwasat’s net profit is expected to jump by 23.1 percent YoY to SAR 94 million.
- Al Hammadi earnings are estimated to surge by 20 percent YoY to SAR 212 million.
- Maaden is expected to see its bottomline increase by 32.8 percent YoY to SAR 474 million.
- Bahri’s net revenue is estimated to up by 3.9 percent YoY to SAR 1.44 billion, but net profit is likely to slip by 3.6 percent to SAR 148.
|
Al Rajhi Capital's Q2 Forecasts (SAR mln) |
||
|
Company |
Q2 2018 Estimates (SAR mln) |
YoY Variation |
|
Petrochemicals Sector |
||
|
SABIC |
5,026 |
+35.6% |
|
Sipchem |
173 |
+189.4% |
|
SAFCO |
239 |
+17.2% |
|
Tasnee |
393 |
+319.7% |
|
Yansab |
828 |
+139.5% |
|
Advanced |
184 |
(5.3%) |
|
Cement Sector |
||
|
Arabian Cement |
(8) |
NA |
|
Yamama Cement |
28 |
+133.3% |
|
Saudi Cement |
157 |
(67.5%) |
|
Qassim Cement |
39 |
(26.1%) |
|
Yanbu Cement |
39 |
(51.9%) |
|
Southern Cement |
77 |
(18.9%) |
|
Telecommunications |
||
|
STC |
2,709 |
+14% |
|
Mobily |
(100) |
NA |
|
Zain |
(57) |
NA |
|
Food & Agriculture |
||
|
Almarai |
711 |
+5.5% |
|
Savola |
137 |
(14.8%) |
|
Herfy |
45 |
+4.8% |
|
Catering |
130 |
(0.7%) |
|
Retail |
||
|
Jarir |
151 |
+2.2% |
|
Al Othaim |
72 |
+1.1% |
|
eXtra |
48 |
+9.6% |
|
Healthcare Sector |
||
|
Dallah |
60 |
(14.4%) |
|
Mouwasat |
94 |
+23.1% |
|
Care |
24 |
+21.5% |
|
Al Hammadi |
30 |
+17.2% |
|
Other sectors |
||
|
Maaden |
474 |
+32.8% |
|
Bahri |
148 |
(3.6%) |
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