NCB Cap issues Q1 profit estimates; SABIC said to jump 60%

NCB Capital issued on Thursday its Q1 estimates for Saudi-listed companies under its coverage, with SABIC expected to post a net profit of SAR 5.47 billion, a 60 percent year-on-year increase.

NCB Capital expects all cement firms under its coverage to post lower profit this time around.

Yamama Cement will likely record the biggest drop among its peers, with net income down 62 percent to SAR 57 million.

In the telecom sector, STC is the only company set to post higher Q1 profit, NCBC said.

The largest mobile services provider is expected to post SAR 2.25 billion in the first three months of 2017, a fall of 5.3 percent YOY.

Elsewhere, Almarai’s net profit is likely to hit SAR 349 million, an increase of 13.1 percent YOY.

In the banking sector, Al Rajhi— the biggest listed lender by market value—is expected to post SAR 2.55 billion, a 6.8 percent jump when compared to first quarter of 2016.