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SICO issues Q2 earnings estimates; Al Rajhi seen 10% higher
Bahrain-based SICO Investment Bank on Tuesday released Q2 2018 net profit forecasts for the Tadawul-listed Saudi firms under its coverage.
Saudi banks are likely to record a modest recovery in loans after one year of weak growth. They are also expected to benefit from net interest margin (NIM) expansion, SICO said.
Al Rajhi Bank and Alinma Bank are projected to report profit growth at 10 percent and 18 percent year-on-year (YoY) to SAR 2.4 billion and SAR 574 million, respectively, in Q2 2018.
The National Commercial Bank (NCB) will likely see its net profit 4 percent higher YoY to SAR 2.5 billion.
Petrochemical heavyweight Saudi Basic Industries Corp.’s (SABIC) earnings are expected to jump 56 percent YoY to SAR 5.8 billion during the same period.
National Industrialization Co.’s (Tasnee) profit will likely more than triple YoY to SAR 286 million.
Net profit of Saudi Industrial Investment Group (SIIG) is forecast to rise fourfold YoY - – making it the top gainer among sector peers.
SICO expects Saudi Telecom Co.’s (STC) net income to grow by 4 percent YoY to SAR 2.47 billion.
Cement firms under coverage will report mixed figures. Arabian Cement’s earnings are projected to fall 55 percent YoY, while Saudi Cement is expected to rise 11 percent.
Net profit of Saudi Arabian Mining Co. (Maaden) is likely to more than double YoY to SAR 760 million, driven by higher price of Maaden's entire commodity basket, SICO added.
Among healthcare service providers, National Medical Care Co. is forecast to report the highest profit in the sector at 49 percent YoY, while Dallah Healthcare Holding is expected to see a YoY decline of 20 percent.
Abdullah Al Othaim Markets and Jarir Marketing are forecast to see a 10 percent YoY increase in Q2 profit.
|
SICO Bank Q2 Forecasts (SAR mln) |
||
|
Company |
Q2 2018 Estimates (SAR mln) |
YoY Variation |
|
Banks |
||
|
Al Rajhi |
2,400 |
+10% |
|
Alinma |
574 |
+18% |
|
ANB |
839 |
(1%) |
|
BSF |
1,053 |
+5% |
|
NCB |
2,525 |
+4% |
|
Riyad |
1,045 |
+23% |
|
Samba |
1,323 |
+4% |
|
SABB |
1,090 |
(3%) |
|
Petrochemicals Sector |
||
|
SABIC |
5,764 |
+56% |
|
Tasnee |
286 |
+206% |
|
Yansab |
784 |
+127% |
|
Sipchem |
178 |
+198% |
|
Advanced |
197 |
+1% |
|
Alujain |
39 |
+216% |
|
SAFCO |
338 |
+65% |
|
Kayan |
489 |
+102% |
|
SIIG |
285 |
+306% |
|
Petrochem |
276 |
+108% |
|
Telecommunications |
||
|
STC |
2,470 |
+4% |
|
Mobily |
(157) |
-- |
|
Cement Sector |
||
|
Yanbu Cement |
41 |
(50%) |
|
Yamama Cement |
13 |
+4% |
|
Arabian Cement |
16 |
(55%) |
|
Saudi Cement |
104 |
+11% |
|
Southern Cement |
79 |
(17%) |
|
Qassim Cement |
36 |
(32%) |
|
Industrial & Utilities Sector |
||
|
Maaden |
760 |
+113% |
|
Yamamah Steel |
3 |
(80%) |
|
Energy Sector |
||
|
SEC |
2,109 |
(5%) |
|
Transport Sector |
||
|
SGS |
102 |
(17%) |
|
Healthcare Sector |
||
|
Care |
29 |
+49% |
|
Mouwasat |
86 |
+13% |
|
Dallah Healthcare |
56 |
(20%) |
|
Al Hammadi |
28 |
+11% |
|
MEAHCO |
70 |
+23% |
|
Other Sectors |
||
|
Almarai |
680 |
+1% |
|
Al Othaim |
78 |
+10% |
|
Jarir |
163 |
+10% |
|
Herfy |
40 |
(8%) |
|
MEPCO |
30 |
+65% |
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