Riyad Cap issues Q1 profit estimates, SABIC seen 7% higher

Riyad Capital has issued its Q1 2018 earnings forecasts for 21 Tadawul-listed companies in three sectors under its coverage.

Petrochemical giant Saudi Basic Industries Corporation (SABIC) is expected to post a 7 percent year-on-year (YoY) rise in net income to SAR 5.62 billion for the first quarter.

Saudi International Petrochemical Co. (Sipchem) is likely to report the biggest surge in Q1 net profit at 88 percent YoY to SAR 172 million.  

Saudi Industrial Investment Group (SIIG) is forecast to record the biggest profit drop at 32 percent YoY.

In the banking sector, Alinma Bank and Al Rajhi Bank are projected to see profit increases by 29 percent and 12 percent YoY, respectively.

Banque Saudi Fransi (BSF) and Arab National Bank (ANB) will see Q1 net profit 8 percent lower YoY.

Net earnings of Saudi Telecom Co. (STC), the Kingdom’s largest telecom operator, are expected to decline 3 percent YoY to SAR 2.5 billion for the same period.