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64 Saudi companies posted financials; eyes on SABIC Sunday

64 Saudi companies posted financials; eyes on SABIC Sunday
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Saudi investors are anticipating for announcing financial results of Saudi Basic Industries Corp (SABIC), the market’s biggest company in terms of capitalization, which is scheduled for Sunday.
The company will hold a press conference Sunday to reply to inquiries of reporters and shareholders as regards the financial results for Q3 and the nine-month period.
Mohammed Al-Omran, President of Gulf Centre for Financial Consultancy, told Mubasher earlier that SABIC is likely to report net earnings ranging between SAR 6.5 billion and SAR 6.7 billion for third quarter of 2014. Ali Al-Zahrani, CEO of Money and Business Training Center, expected the giant petrochemical producer to post a 9.9% increase in Q3 net income, which is considered a relatively acceptable growth level when taking into account the profit decline of Kayan, SAFCO and Yansab.
Al-Zahrani forecasted the earnings per share to fall by 0.5%. SABIC would report SAR 6.6 billion earnings for Q3 and SAR 19.5 billion in nine months, he said, expecting the petrochemical producer to generate SAR 25.800 billion in 2014. Economist Muqbel Alsolami said SABIC’s net profit is seen reaching SAR 6.52 billion in Q3 and SAR 19.4 billion in the nine-month period.
Statistics collected by Mubasher showed that estimates of 13 research firms for SABIC’s Q3 profit averaged SAR 6.62 billion, which would be 2.51% higher than the actual earnings of the same period a year earlier (SAR 6.46 billion) and 2.5% higher than Q2 earnings.
Meanwhile, the number of Tadawul-listed companies that posted their Q3 and 9M financial results thus far totaled 64.
These companies’ combined earnings for Q3 reached SAR 15.76 billion, with 13.66% growth year-over-year and 7.5% quarter-on-quarter. Combined earnings for the nine-month period reached SAR 43.73 billion, rising 13.49% y/y.
Most of these companies posted positive results year-over-year and negative results quarter-on-quarter, for the three-month and nine-month periods.
Saudi listed banks registered SAR 8200 million ($2187 million) earnings during the third quarter of 2014, with 10.6% rise compared with SAR 7413 million ($1977 million) in the same period a year earlier. However, these banks reported a fall by 5.54% in combined earnings compared with SAR 8681 million ($2315 million) in Q2-14. ( Written by Mohamed Abu Meleeh; translated by Sayed Abdel Rahman)