Riyad Capital issues Q2 earnings forecasts for Saudi companies, banks

Riyad Capital has issued Q2 2019 earnings forecasts for some of the Saudi-listed companies.

Saudi Basic Industries Corporation (SABIC) is expected to post a 51 percent year-on-year (YoY) profit drop to SAR 3.28 billion in Q2 2019.

Al Rajhi Bank is forecast to report an 18 percent earnings rise (YoY) to SAR 3.04 billion in Q2.

For petrochemicals, National Petrochemical Co.’s (Petrochem) Q2 2019 net earnings are forecast to fall 32 percent YoY to SAR 195 million. Saudi Arabia Fertilizers Co. (SAFCO) is estimated to see profit up 4 percent YoY to SAR 429 million in Q2.

For Banks, SAMBA Financial Group’s second-quarter net profit is projected to rise by 11 percent YoY to SAR 1.5 billion.

Alinma Bank is forecast to report a 19 percent profit rise YoY to SAR 741 million in Q2 2019.

Elsewhere, Saudi Cement is estimated to post SAR 63 million in profit, 9 percent up YoY in Q2.

Saudi Telecom Co.’s (STC) Q2 net profit is seen rising by 13 percent YoY to SAR 2.8 billion.

Almarai Co.’s net earnings are expected to rise 10 percent YoY to SAR 179 million in the second quarter.

* Q2 2019 results cannot be compared to Q2 2018 results due to the bank’s merger with Alawwal.