SNB Capital issued Q2 2023 earnings forecasts for many Tadawul-listed banks and firms under its coverage, led by Saudi Basic Industries Corp. (SABIC), Al Rajhi Bank and Saudi Electricity Co. (SEC).
SABIC is expected to post net earnings of around SAR 1.2 billion for the second quarter of 2023. Al Rajhi Bank’s net profit is forecast to rise 2% year-on-year (YoY) to about SAR 4.3 billion.
Below is a list of SNB Capital’s Q2 2023 estimates for banks and firms under its coverage:
Q2 2023 Profit Forecasts
Company
Q2 2023
Change vs. Q1 2022
Petrochemicals
SABIC
1200.0
(85%)
SIIG
143
(50%)
Yansab
87.9
(70%)
Advanced
76.4
(30%)
Tasnee
91.6
(69%)
Sipchem
273.0
(78%)
SABIC Agri-Nutrients
589.0
(81%)
Saudi Kayan
(464.0)
—
Arabian Drilling
144.0
+31%
Luberef
410.0
(6%)
Banks
Al Rajhi Bank
4331.0
+2%
Alinma Bank
1006.0
+9%
Banque Saudi Fransi
1127.0
+35%
Bank Albilad
589.0
+15%
Riyad Bank
2115.0
+31%
Bank AlJazira
226.0
(12%)
Telecommunication Services
stc
3165.0
+12%
Mobily
482.0
+34%
Zain KSA
90.1
(33%)
solutions
335.0
+23%
Healthcare
Saudi German Health
46.5
+347%
Mouwasat
152.0
+7%
Al Hammadi
82.6
+27%
Sulaiman Al Habib
497.0
+25%
Dallah
91.1
(31%)
Tourism
SGS
58.7
—
Saudi Catering
90.5
+108%
Seera
69.8
—
Retail
Leejam
53.3
+49%
eXtra
65.4
(49%)
Cenomi Retail
9.9
(83%)
Shaker
23.7
(31%)
Jarir
180.0
+1%
BinDawood Holding
61.5
+45%
Al Othaim
63.4
+36%
Nahdi
284.0
+6%
Americana**
61.5
+25%
Cement
Arabian Cement
37.3
(17 %)
Yamama Cement
90.2
(1 %)
Eastern Cement
44.7
+ 4 %
Qassim Cement
31.1
+ 7 %
Southern Cement
32.7
(46 %)
Saudi Cement
83.1
(19 %)
Yanbu Cement
37.6
(22 %)
Riyadh Cement
110.0
+ 29 %
Real Estate
Dar Al Arkan
118.0
(30%)
Taiba
76.6
+122%
Other Sectors
SEC**
4630.0
(16%)
Saudi Pipe
7.4
(37%)
Tadawul Group
231.0
+8%
Savola
629.0
+21%
*Profit before Mudaraba Instrument
**Americana profit in US dollar
***Riyadh Cement estimates for H2 2023
****Profit before Mudaraba instruments
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