Riyadh-Mubasher: Osool & Bakheet Investment Co. has issued a report, in which it expected the earnings of 44 Saudi listed companies for the first quarter of 2016.
The companies are forecasted to record combined earnings of SAR 16.01 billion ($4.27 billion) in Q1, falling 11.4% year-on-year from SAR 18 billion ($4.80 billion) and 0.5% quarter-on-quarter from SAR 16.09 billion ($4.29 billion).
National Commercial Bank, Saudi Telecom, SABIC, Al-Rajhi, Samba and Banque Saudi Fransi will likely post combined profits of SAR 11.4 billion ($3.04 billion), or 71.5% of the total expected earnings.
The first-quarter earnings of AlJazira Bank and Al-Rajhi Bank will likely rise by 77.9% and 0.6% year-on-year, respectively.
SABIC and SAFCO’s Q1 earnings would decline by 42.7% and 40.7% year-on-year, in a row.
Savola is also expected to report a 22% fall in Q1 earnings, while Almarai’s profits would rise by 11% compared with the same period a year ago.
Saudi Telecom’s Q1 profits will likely fall by 0.3% year-on-year, and Mobily would swing to earnings of SAR 40.7 million ($10.85 million) against losses of SAR 44.5 million ($11.87 million) in the year-ago period.
