NCB Cap issues Q2 estimates, SABIC seen 58% higher

NCB Capital (NCBC) has issued its second-quarter profit estimates for Tadawul-listed companies under its coverage.

Major petrochemical producer, Saudi Basic Industries Corp. (SABIC) is expected to post a 58 percent year-on-year (YoY) profit rise to SAR 5.84 billion.

Saudi Industrial Investment Group (SIIG) is likely to be the top gainer among peers, with its earnings projected to more than triple YoY to SAR 271 million.

Al Rajhi Bank is forecast to see a 12 percent profit rise YoY. Riyad Bank is expected to see the largest profit growth YoY at 24 percent.

Elsewhere, state-run Saudi Electricity Co. is likely to post a 4 percent YoY decline in Q2 net profit to SAR 2.15 billion.

For cement producers, Yanbu Cement and Eastern Cement are expected to report the steepest profit declines at 62 percent and 55 percent YoY, respectively. Yamama Cement’s net earnings are likely to surge 93 percent YoY.

Saudi Telecom Co.’s (STC) earnings are anticipated to drop 3 percent to SAR 2.3 billion.

Mouwasat Medical Services’ Q2 net profit is forecast to rise 29 percent YoY.

Home appliance retailer eXtra is projected to post an 11 percent rise YoY in the second-quarter net profit.