Saudi-listed IT provider Arab Sea sets up cloud computing unit

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

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

Adding to the petrochemical sector’s gains, Saudi International Petrochemical Co., better known as Sipchem, might see a 186 percent expansion in profits to reach SR1.18 billion.

SNB Capital also forecasted profit leaps for some of Saudi Arabia’s main banks, led by Al Rajhi Bank, with hike estimates standing at 20 percent to SR3.99 billion.

The Kingdom’s state utility provider Saudi Electricity Co. is projected to post profits of SR1.53 billion, down 10 percent year-on-year.

The bank’s forecast for telecom giant Saudi Telecom Co., known as stc, is a 1-percent increase in net profit to SR2.97 billion. Profits of Mobily, Zain KSA, and solutions by stc, are also anticipated to rise.

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