Riyadh – Mubasher: Osool and Bakheet Investment Company expected a 7% decline in total profits of 40 listed companies to SAR 18.36 billion ($4.9 billion) in the third quarter of 2016, compared to SAR 19.75 billion ($5.27 billion) during the same period of 2015.
Total profits of the 40 firms are projected to decrease 4.2% compared to SAR 19.17 billion in the previous quarter, according to a report release by the investment firm.
Saudi Basic Industries Corp (SABIC) profits are likely to fall 16.3% to SAR 4.69 million in Q3 from SAR 5.6 billion in Q3-15.
On the other hand, Al Rajhi Bank’s profits were expected to grow 5.8% to SAR 1.8 billion in Q3-16, the report said.
Osool and Bakheet expected that Saudi Telecom Company’s (STC) profits would retreat 16.1% to SAR 1.95 billion in Q3-16 from SAR 2.32 billion in Q3-15.
