‎Ubhar Capital issues Q1 2024 earnings forecasts

Ubhar Capital issued Q1 2024 earnings forecasts for a number of Saudi banks and companies under coverage.

Al Rajhi Bank’s earnings are expected to rise by 5% year-on-year (YoY) to SAR 4.34 billion, while the earnings of Saudi Basic Industries Corp. (SABIC) will likely rise to SAR 753.1 million.

The following table illustrates the research firm’s earnings forecasts for Q1 2024:

Ubhar Capital’s Q1 2024 Profit Forecasts (SAR mln)

Company

Q1 2024

YoY Change

Banks

SNB

5272.6

+5%

Al Rajhi Bank

4338.8

+5%

SAB

1923.4

+9%

Materials

SABIC

753.1

+14%

Sipchem

284.5

(39%)

Tasnee

78.1

(5%)

Advanced

46.6

+9%

Yansab

57.1

—

SIIG

53.8

—

SABIC Agri-Nutrients

1004.4

+2%

Maaden

631.0

+50%

Cement

Yamama Cement

61.3

(46%)

Saudi Cement

104.2

(16%)

City Cement

28.6

+4%

Qassim Cement

42.1

(23%)

Telecommunications

stc

3092.8

(1%)

Mobily

555.5

+19%

Insurance

Bupa Arabia

255.7

—

Tawuniya

113.6

—

Healthcare

Sulaiman Al Habib

517.1

+6%

Mouwasat

213.1

+28%

Dallah Healthcare

109.0

+15%

Al Hammadi

86.0

+6%

IT

solutions

349.8

+15%

MIS

71.0

+53%

Food and Staples Retailing

Jarir

249.6

+1%

SADAFCO*

94.5

+3%

Almarai

708.5

+12%

BinDawood Holding

65.7

+28%

Al Othaim

116.2

(3%)

Cenomi Centers

350.6

(9%)

Leejam Sports

66.2

+6%

Other Sectors

Ataa Educational*

10.1

(6%)

*Different fiscal year

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