Q4 forecasts: #Saudi's SABIC to post 50% rise in net profit, Al Rajhi earnings to surge | ZAWYA MENA Edition

Q4 forecasts: Saudi's SABIC to post 50% rise in net profit, Al Rajhi earnings to surge | ZAWYA MENA Edition

Petrochemicals giant Saudi Basic Industries Corporation (SABIC) is forecast to make 1.6 billion Saudi riyals ($426.5 million) in net profit for the fourth quarter of 2020, nearly 50 percent higher compared to the previous quarter, according to NCB Capital.

The petrochemicals giant made a loss of 725 million riyals during the last quarter of 2019.

Its affiliate, Yanbu National Petrochemical Company (Yansab) is also expected to make 271 million riyals during the same period, 58 percent higher than a year earlier, and 38 percent higher compared to the previous quarter.

Within the banking sector, Al Rajhi Bank, one of Saudi Arabia’s largest lenders by assets, could see earnings go up22 percent year-on-year at 2.7 billion riyals.

Banque Saudi Fransi is expected to make a net profit of 360 million riyals, marking a 30 percent decline compared to the year-ago period.