Saudi stocks slide in early trading even as oil gains: Opening bell

RIYADH: Major Saudi players, including Saudi Basic Industries Corp. and Al Rajhi Bank, are expected to see increased profits in the first quarter of 2022, Argaam reported, citing a report by SNB Capital.

SABIC’s profit growth is estimated at 4% from the same period a year ago to SR5.04 billion, while that of its fertilizer affiliate SABIC Agri-Nutrients could reach 549 %.

Adding to gains in the petrochemical sector, Saudi International Petrochemical Co., better known as Sipchem, could see a 186% increase in profits to SR1.18 billion.

SNB Capital also forecast profit jumps for some of Saudi Arabia’s leading banks, led by Al Rajhi Bank, with estimates up 20% to SR3.99 billion.

The Kingdom’s utility provider, Saudi Electricity Co., is expected to report profits of SR 1.53 billion, down 10% year-on-year.

The bank’s forecast for telecommunications giant Saudi Telecom Co., known as stc, is for a 1% increase in net profit to SR2.97 billion. Earnings from Mobily, Zain KSA and stc solutions are also expected to increase.

For the cement sector, the outlook is negative as earnings for all listed companies, including but not limited to Saudi Cement, Southern Cement and Yamama Cement, are expected to fall.

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