RIYADH: Saudi Arabia’s major players including Aramco and Saudi Basic Industries Corp., or SABIC, are expected to see a significant profit jump in the fourth quarter of 2021, compared to the same period a year earlier when the pandemic hit, Argaam reported, citing a report by Al Rajhi Capital. Valued at SR7.13 trillion ($1.9 trillion), the Kingdom’s oil giant Aramco is likely to post SR125 billion in profits, up 141 percent from the same period a year ago. SABIC’s profit growth is estimated at 145 percent, up to SR5.5 billion, while that of its affiliate fertilizer producer SABIC Agri-Nutrients might reach as much as 802 percent. Adding to the petrochemical sector’s gains, Saudi International Petrochemical Company, better known as Sipchem, might see a 222 percent expansion in profits to reach SR1.02 billion. The investment bank’s forecast for Saudi Telecom Co., known as stc, revealed a 13-percent increase in net profit, reaching SR2.94 billion. Al Rajhi Capital also forecasted profit leaps for some of Saudi Arabia’s smaller cap companies worth below SR20 billion, among which are Dallah Healthcare Co., the Savola group, and Zain KSA, with hike estimates standing at 216, 202, and 144 percent, respectively. For the cement sector, the outlook is negative. Profits of all companies including, but not limited to, Saudi Cement, Southern Cement, and Yamama Cement are expected to drop in the fourth quarter of 2021.
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