Sixty-three listed companies are expected to achieve SR27.8 billion in profits in the third quarter of the current year compared to SR25.2 billion in the same period last year, an increase of 10 percent, according to forecasts made by seven financial firms.
According to the forecasts, carried by Al-Eqtisadiah daily, the banking sector is expected to achieve combined profits of SR7.8 billion in Q3 compared to SR6.8 billion in Q3, 2012, or an increase of 16 percent.
Profits of Al-Rajhi Bank are predicted to increase by 9 percent to reach nearly SR2 billion compared to SR1.9 billion in Q3, 2012, whereas profits of Saudi British Bank (SABB) are expected to grow by 42 percent to SR929 million compared to SR656 million in the comparable periods.
On the other hand, profits of petrochemical sector are predicted to rise by 1 percent to reach SR8.7 billion in Q3 compared to SR8.6 billion. Saudi Basic Industries Corporation (SABIC), the major petrochemical player at GCC and global levels, is poised to achieve SR6.4 billion compared to SR6.3 billion in Q3, 2012, or an increase of 2 percent. Yanbu National Petrochemical Company (Yansab), a 55.95 percent owned by SABIC, is expected to achieve profits of SR781 billion compared to SR436 billion in Q3 2012, or an increase of 79 percent, the report said.
Meanwhile, profits of 11 listed cement companies will averagely increase by 1 percent to reach SR1.27 billion compared to SR1.26 billion. Saudi Cement Company (SCC) topped the list of cement firms in terms of the value of profits during Q3 at SR228 million compared to SR210 million in Q3 2012, an increase of 9 percent, followed by Southern Province Cement Company (SPCC) which is expected to achieve profits of SR202 million compared to SR200 million, or an increase of 1 percent, the report said.
In regards to the retail sector, profits of 8 listed companies will surge by 18 percent to hit SR688 million in Q3 compared to SR585 million in Q3, 2012. Hokair Company and Jarir Company will lead the retail sector in terms of profits expected to achieve during Q3 at SR304 million and SR179 million, or an increase of 20 percent and 11 percent, respectively, the report said.
According to the estimates, profits of agro and foodstuff sector are predicted to rise by 24 percent to SR1.4 billion in Q3 compared to SR1.2 billion in the similar period last year. Almarai will lead the sector profits at SR457 million compared to SR450 million, or an increase of 1 percent, whereas profits of Safola are predicted to fall by 12 percent to reach SR355 million compared to SR405 million in Q3 2012.
Concerning the construction sector, Saudi Ceramics and Zamil are expected to achieve profits of SR77 million and SR57 million in Q3, an increase of 38 percent and 22 percent, respectively, the report said.
For the industrial investment sector, Saudi Arabian Mining Company (Maaden) will lead the sector with the expected profits of SR150 million, followed by Astra at SR73 million, or a growth rate of 8 percent and 56 percent, respectively.
Profits of the telecom sector is expected to rise by 8 percent to reach SR3.2 billion in Q3 compared to SR3 billion in Q3, 2012. Saudi Telecom Company (STC), the biggest telecom operator in the Saudi market, will have its profits dropped by 3 percent to reach SR1.89 billion compared to SR1.95 billion, whereas profits of Mobily are expected to grow by 11 percent to hit SR1.7 billion compared to SR1.5 billion.
Meanwhile, losses of Zain Saudi Arabia will go down by 28 percent to SR354 million in Q3 compared to SR493 million in Q3, 2012, the report said.
For the real estate sector, Emaar’s profits are expected to surge by more than 1,200 percent to SR611 million compared to SR45 million in Q3 2012. Saudi Electricity Company (SEC) is projected to lead the energy sector in terms of its profits and is set to achieve SR3.2 billion compared to SR2.9 billion. The National Shipping Company of Saudi Arabia (Bahri), the leading company in transport sector, is expected to achieve SR105 million in profits in Q3 compared to SR60 million in Q3, 2012, or an increase of 75 percent, the report said.