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SICO issues Q1 earnings estimates; Al Rajhi to gain 9%
Bahrain-based SICO Investment Bank on Sunday released its first-quarter net profit forecasts for the Tadawul-listed Saudi firms under its coverage.
Saudi banks are expected to continue reporting weak balance sheet performance; however, they will benefit from net interest margin (NIM) expansion, SICO said.
Al Rajhi Bank and Alinma Bank are expected to report higher profit growth, at 9 percent and 19 percent year-on-year (YoY) to SAR 2.4 billion and SAR 502 million, respectively, in Q1 2018.
The National Commercial Bank (NCB) will likely see its net profit decline by 10 percent YoY.
Petrochemical heavyweight Saudi Basic Industries Corp.’s (SABIC) earnings in Q1 2018 are expected to edge up 5 percent YoY to SAR 5.5 billion.
National Industrialization Co. (Tasnee) will likely see a 181 percent YoY jump in Q1 net profit – making it the top gainer in the sector.
Saudi Industrial Investment Group (SIIG) is forecast to see a drop of 44 percent in Q1 earnings.
SICO expects Saudi Telecom Co.’s (STC) net income to slip 1 percent YoY to SAR 2.5 billion.
Cement firms under coverage will see mixed fortunes, with Yanbu Cement’s earnings projected to slump 55 percent YoY while Arabian Cement is expected to climb 41 percent.
Net profit of Saudi Arabian Mining Co. (Maaden) is likely to soar, led by price recovery in Maaden's entire commodity basket, SICO said.
Food and beverage firm Almarai is expected to see a 7 percent dip in first quarter earnings.
Among healthcare firms, National Medical Care Co. is forecast to report the biggest profit gain at 103 percent YoY among peers, while Middle East Healthcare Co. is expected to see a YoY decline of 25 percent.
|
SICO Q1 Forecasts (SAR mln) |
||
|
Company |
Q1 18 Estimates (SAR mln) |
YoY Variation |
|
Banks |
||
|
Al Rajhi |
2,416 |
+9% |
|
Alinma |
502 |
+19% |
|
ANB |
756 |
(2%) |
|
BSF |
919 |
(17%) |
|
NCB |
2,438 |
(10%) |
|
Riyad |
992 |
(5%) |
|
Samba |
1,320 |
+7% |
|
SABB |
995 |
(4%) |
|
Petrochemicals Sector |
||
|
SABIC |
5,517 |
+5% |
|
Tasnee |
290 |
+181% |
|
Yansab |
772 |
+27% |
|
Sipchem |
173 |
+89% |
|
Advanced |
100 |
(20%) |
|
Alujain |
25 |
(15%) |
|
SAFCO |
368 |
(13%) |
|
Kayan |
407 |
+53% |
|
SIIG |
172 |
(44%) |
|
Petrochem |
279 |
+66% |
|
Telecommunications |
||
|
STC |
2,500 |
(1%) |
|
Mobily |
(194) |
-- |
|
Cement Sector |
||
|
Yanbu Cement |
66 |
(47%) |
|
Yamama Cement |
22 |
(57%) |
|
Arabian Cement |
62 |
(39%) |
|
Saudi Cement |
157 |
(5%) |
|
Southern Cement |
79 |
(24%) |
|
Qassim Cement |
69 |
(14%) |
|
Industrial & Utilities Sector |
||
|
Maaden |
399 |
+45% |
|
Yamamah Steel |
12 |
(75%) |
|
MEPCO |
28 |
+736% |
|
Energy Sector |
||
|
SEC |
(1,542) |
-- |
|
Transport Sector |
||
|
SGS |
121 |
(22%) |
|
Healthcare Sector |
||
|
Care |
31 |
+103% |
|
Mouwasat |
93 |
+9% |
|
Dallah Healthcare |
71 |
(17%) |
|
Al Hammadi |
30 |
+8% |
|
MEAHCO |
78 |
(25%) |
|
Consumer |
||
|
Almarai |
304 |
(7%) |
|
Al Othaim |
72 |
(20%) |
|
Jarir |
226 |
+2% |
|
Herfy |
43 |
(18%) |
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