Investments Profits Expected to Surge to SR29bln, Osool&Bakheet Outlook

By the end of the Q3 of this year, Osool and Bakheet Investment Company expects 38 enterprises and banks listed in the Saudi stock exchange “Tadawul” to earn SR29 billion in profits.

That is a 120.5 % rise over the same companies’ profits in the same quarter of 2020, which were SR13.2 billion.

SABIC is expected to earn SR6.9 billion in the fiscal quarter ending September 2021, a 534 percent increase from the previous year’s earnings of SR1,089 million.

According to “Osool and Bakheet Investments,” seven of the ten listed banks on the Saudi stock exchange will see a rise in earnings, in the first quarter of 2020 compared to the same quarter in the previous year.

The Arab Bank’s profits are predicted to fall by roughly 22%, and the SABB Bank’s by 10%, while there is no data to compare to the National Bank of Saudi Arabia’s profits, which were expected to be at 3.9 billion in the third quarter of this year.

“Osool and Bakheet Investments” expected a 4% increase in STC’s profits, while Mobily’s profits were expected to grow by 10.4%, and Zain Saudi Arabia’s profits would decrease by 28.4%.

On the other hand, “Osool and Bakheet” predicted that by the end of the Q3-2021, the profits of 10 cement companies would be lower than they were in the Q3-2020, but that the profits of two Eastern cement companies would increase by 28.5%, apiece, and Al-Madina by 11.1%.