HSBC issues Q2 earnings forecasts; Al Rajhi Bank said to rise 10%

HSBC Bank has issued Q2 2017 earnings forecasts for several Tadawul-listed companies under its coverage.

In the banking sector, Al Rajhi Bank is estimated to post a 10 percent year-on-year (YoY) hike in Q2 2017 earnings to SAR 2.3 billion.

Meanwhile, Alinma Bank is estimated to post a 3 percent jump YoY in Q2 2017 earnings to SAR 420 million.

Riyad Bank is projected to post the biggest profit decline of 8 percent YoY in Q2 2017 to SAR 1.05 billion.

For telecoms, Saudi Telecom Co. is projected to post a 32 percent YoY increase in net earnings to SAR 2.5 billion in Q2 2017.

As for petrochemicals, HSBC expects Saudi Basic Industries Corporation (SABIC) to post SAR 4.7 billion earnings in Q2 2017, down by 1 percent YoY.

Yanbu National Petrochemical Co (Yansab) is projected to report the biggest earnings slump of 41 percent YoY to SAR 405 million in Q2 2017.

In the cement sector, Yamama Cement is seen making the biggest profit fall in Q2 2017 at 58 percent YoY to SAR 49 million.

In the consumer sector, Jarir Marketing Co. is projected to report the highest profit growth of 21 percent YoY in Q2 2017 to SAR 155 million. Meanwhile, Savola is seen making the biggest profit plunge of 62 percent YoY to SAR 94 million.

*Q1 ending in June