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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