NCB Capital issues Q2 earnings forecasts for Saudi companies, banks

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NCB Capital has issued Q2 2019 earnings forecasts for a number of Saudi-listed companies.

Saudi Basic Industries Corporation (SABIC) is expected to post a 48 percent year-on-year (YoY) profit drop to SAR 3.50 billion in Q2 2019.

Al Rajhi Bank is forecast to report a 14 percent earnings rise (YoY) to SAR 2.93 billion in Q2.

For petrochemicals, National Petrochemical Co. (Petrochem) is expected to make net profit of SAR 180 million in Q2 2019, down 38 percent YoY.

Saudi Arabia Fertilizers Co. (SAFCO) is estimated to see profit up 2 percent YoY to SAR 417 million in Q2.

For Banks, SAMBA financial Group’s second-quarter net profit is projected to rise by 4 percent YoY to SAR 1.5 billion.

Alinma Bank is forecast to report a 13 percent profit rise YoY to SAR 702 million in Q2 2019.

Among healthcare services providers, Mouwasat Medical Services Co. is estimated to see earnings up by 5 percent YoY to SAR 92 million in the second quarter of 2019.

As for real estate developers, Dar Al Arkan Real Estate Development Co. is expected to report 71 percent earnings decline in Q2 2019 to SAR 32 million.

Elsewhere, Saudi Cement is estimated to post SAR 101 million in profit, 74 percent up YoY in Q2.

Saudi Telecom Co.’s (STC) Q2 net profit is seen rising by 14 percent YoY to SAR 2.79 billion.

Almarai Co.’s net earnings are expected to drop 6 percent YoY to SAR 623 million in the second quarter.

United Electronics Co. (eXtra) is forecast to post a 40 percent profit jump to SAR 64 million in Q2 2019.

Jarir Marketing Co. is also projected to generate net profit of SAR 178 million, up by 10 percent YoY in Q2.

NCBC Q2 2019 profit estimates (SAR mln)

Company

Q2 2019 estimates

YoY Variation

Petrochemicals

SABIC

3,504

(48%)

SIIG

170

(47%)

YANSAB

402

(51%)

Advanced

181

(29%)

Tasnee

148

(63%)

Sipchem

225

SAFCO

417

+2%

Saudi Kayan

(213)

Petrochem

180

(38%)

Telecom

STC

2,793

+14%

Mobily

74

Zain Saudi

137

Food

Savola

110

(22%)

Almarai

623

(6%)

Healthcare

Saudi German

16

(54%)

Mouwasat

92

(12%)

Al Hammadi

23

+15%

Tourism

SGS

112

(1%)

Catering

122

+2%

Seera

72

(33%)

Retail

Leejam

47

+19%

eXtra

64

+40%

Alhokair*

223

(11%)

Shaker

(34)

Jarir

178

+10%

Al Othaim

67

(10%)

Cement

Arabian Cement

37

Yamama Cement

54

EPCC

33

+74%

Qassim Cement

47

+154%

SPCC

105

+190%

Saudi Cement

101

+74%

Yanbu Cement

52

+1,199%

Real estate

Dar Al-Arkan

32

(71%)

Taiba

33

(29%)

Al-Akaria

(0.7)

Banking

Al Rajhi

2,938

+14%

Alinma

702

+13%

BSF

1,064

+16%

SAMBA

1,452

+4%

Albilad

338

+23%

Aljazira

273

+8%

Other sectors

SEC

2,013

+9%

Steel Pipe

8.2

* Q1 ended June 30, 2019 (fiscal year ends March 31)

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