Petrochemicals giant Saudi Basic Industries Corporation (SABIC) is forecast to make 1.6 billion Saudi riyals ($426.5 million) in net profit for the fourth quarter of 2020, nearly 50 percent higher compared to the previous quarter, according to NCB Capital.
The petrochemicals giant made a loss of 725 million riyals during the last quarter of 2019.
Within the banking sector, Al Rajhi Bank, one of Saudi Arabia’s largest lenders by assets, could see earnings go up22 percent year-on-year at 2.7 billion riyals.
Banque Saudi Fransi is expectedto make a net profit of 360 million riyals, marking a 30 percent decline compared to the year-ago period.
The kingdom’s largest telecom operator, Saudi Telecom, is likely to end the fourth quarter with earnings at 2.51 billion riyals, nearly 9 percent higher year-on-year. Other telecom players, Zain KSA and Mobily are forecast to make 274 million riyals and 69 million riyals, respectively.
In the food and beverage (F&B) sector, dairy producer Almarai’s Q4 net profit is likely to hit 375 million riyals, 20 percent higher year-on year, but nearly 40 percent lower than in the previous quarter.
As for Savola, Q4 profit could reach 216 million riyals, which is 57 percent higher compared to a year earlier but 24 percent lower than in the preceding quarter.
Among retailers, Jarir Marketing Co. is forecast to register a 10 percent year-on-year fall in net profit at 249 million riyals.
NCB Capital has penciled in a Q4 net profit of 120 million riyals for Al Othaim Markets Co, 16 percent lower compared to the previous year , but nearly double on the previous quarter.
As for cement producers, Arabian Cement is set to make 86 million riyals, 17 percent higher year-on-year, while Saudi Cement and Southern Cement will likely record marginally lower earnings of 140 million riyals and155 million riyals, respectively.
Healthcare services giant Mauwasat Medical Services is forecast to see a Q4 net profit of 151 million riyals, while Saudi German is set to make 38 million riyals.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)
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