Al Rajhi Capital released its Q2 2025 estimates for several Saudi companies under its coverage.
It expects Saudi Basic Industries Corp. (SABIC) to log a loss of SAR 480 million in Q2 2025, while stc’s earnings are expected to decline by 4% year-on-year.
Al Rajhi Capital’s Q2 Forecasts (SAR mln)
Company
Q2
2025 (Projected)
YoY Change
Petrochemicals
SABIC
(480)
—
Sipchem
89
(27%)
SABIC AN
1021
+ 45%
Yansab
64
(72%)
Advanced
105
+ 152%
Cement
Arabian Cement
24
(17%)
Yamama Cement
142
+ 73%
Saudi Cement
104
+ 19%
Qassim Cement
79
+ 8%
Yanbu Cement
32
(20%)
Southern Cement
25
(17%)
Najran Cement
12
+ 60%
Riyadh Cement
63
(2%)
Food
Almarai
647
+ 4%
SADAFCO
130
+ 2%
Savola
102
(25%)
NADEC
114
+ 2%
Tanmiah
11
(54%)
Entaj
1
(86%)
Almunajem
37
(42%)
First Mills
56
+ 23%
Modern Mills
49
+ 10%
Retail
Jarir
174
+ 2%
Cenomi Retail
33
(59%)
Al Othaim
35
(19%)
eXtra
100
(6%)
BinDawood Holding
48
(34%)
Telecoms
stc
3432
(4%)
Mobily
782
(18%)
Zain KSA
109
(4%)
Healthcare
Dallah
85
(24%)
Mouwasat
170
+ 11%
Care
79
+ 14%
Al Hammadi
68
(42%)
Fakeeh
66
+ 39%
Sulaiman Al Habib
605
+ 9%
Saudi German Health
60
(2%)
Pharmaceuticals
SPIMACO
22
(34%)
Jamjoom Pharma
118
+ 10%
Astra
172
+ 2%
Avalon Pharma
23
+ 6%
Services
Equipment House
9
+ 17%
Maharah
18
(65%)
Al Mawarid
27
+ 16%
Tamkeen
22
+ 6%
SMASCO
34
(5%)
Insurance
Bupa Arabia
423
+ 5%
Tawuniya
473
+ 3%
GIG
49
(7%)
Malath
11
—
Walaa Insurance
(24)
—
Saudi Re
53
+ 22%
Transport Logistics
Lumi Rental
48
+ 4%
Theeb
49
+ 10%
Budget Saudi
82
+ 16%
SISCO*
20
+ 90%
SAL
149
(4%)
Jahez
40
+ 32%
CATRION
76
+ 4%
SGS
106
+ 35%
Software IT Services
solutions
343
(24%)
MIS
49
+ 55%
2P
45
(23%)
Elm
535
+ 10%
Rasan
32
+ 264%
Real estate
Al Akaria
24
—
Cenomi Centers
156
(56%)
Retal
68
(6%)
Riyadh Development
47
(49%)
Other Sectors
Bawan
33
+ 43%
Saudi Ceramics
123
—
Aldrees
110
+ 33%
Arabian Drilling
24
+ 19%
ADES Holding
194
(2%)
Luberef
300
—
Alkhorayef Water
62
(19%)
Miahona
7
(11%)
ACWA Power
319
(49%)
AMAK
73
+ 18%
Seera
59
+ 8%
Tadawul Group
111
(32%)
Leejam
64
(13%)
Riyadh Cables
298
+ 87%
Tasheel
49
+ 5%
Al Arabia
50
+ 6%
The table below shows Al Rajhi Capital’s forecast for companies listed on the Nomu-Parallel Market:
Al Rajhi Capital’s Q2 Forecasts for Nomu-Listed Companies (SAR mln)
Company
H1
2025 (Projected)
YoY Change
Marble Design
7
(21%)
TAM
10
(9%)
Academy for Learning
21
+ 171%
Al Rajhi Capital released its Q2 2025 estimates for several Saudi companies under its coverage.
It expects Saudi Basic Industries Corp. (SABIC) to log a loss of SAR 480 million in Q2 2025, while stc’s earnings are expected to decline by 4% year-on-year.
Al Rajhi Capital’s Q2 Forecasts (SAR mln)
Company
Q2
2025 (Projected)
YoY Change
Petrochemicals
SABIC
(480)
—
Sipchem
89
(27%)
SABIC AN
1021
+ 45%
Yansab
64
(72%)
Advanced
105
+ 152%
Cement
Arabian Cement
24
(17%)
Yamama Cement
142
+ 73%
Saudi Cement
104
+ 19%
Qassim Cement
79
+ 8%
Yanbu Cement
32
(20%)
Southern Cement
25
(17%)
Najran Cement
12
+ 60%
Riyadh Cement
63
(2%)
Food
Almarai
647
+ 4%
SADAFCO
130
+ 2%
Savola
102
(25%)
NADEC
114
+ 2%
Tanmiah
11
(54%)
Entaj
1
(86%)
Almunajem
37
(42%)
First Mills
56
+ 23%
Modern Mills
49
+ 10%
Retail
Jarir
174
+ 2%
Cenomi Retail
33
(59%)
Al Othaim
35
(19%)
eXtra
100
(6%)
BinDawood Holding
48
(34%)
Telecoms
stc
3432
(4%)
Mobily
782
(18%)
Zain KSA
109
(4%)
Healthcare
Dallah
85
(24%)
Mouwasat
170
+ 11%
Care
79
+ 14%
Al Hammadi
68
(42%)
Fakeeh
66
+ 39%
Sulaiman Al Habib
605
+ 9%
Saudi German Health
60
(2%)
Pharmaceuticals
SPIMACO
22
(34%)
Jamjoom Pharma
118
+ 10%
Astra
172
+ 2%
Avalon Pharma
23
+ 6%
Services
Equipment House
9
+ 17%
Maharah
18
(65%)
Al Mawarid
27
+ 16%
Tamkeen
22
+ 6%
SMASCO
34
(5%)
Insurance
Bupa Arabia
423
+ 5%
Tawuniya
473
+ 3%
GIG
49
(7%)
Malath
11
—
Walaa Insurance
(24)
—
Saudi Re
53
+ 22%
Transport Logistics
Lumi Rental
48
+ 4%
Theeb
49
+ 10%
Budget Saudi
82
+ 16%
SISCO*
20
+ 90%
SAL
149
(4%)
Jahez
40
+ 32%
CATRION
76
+ 4%
SGS
106
+ 35%
Software IT Services
solutions
343
(24%)
MIS
49
+ 55%
2P
45
(23%)
Elm
535
+ 10%
Rasan
32
+ 264%
Real estate
Al Akaria
24
—
Cenomi Centers
156
(56%)
Retal
68
(6%)
Riyadh Development
47
(49%)
Other Sectors
Bawan
33
+ 43%
Saudi Ceramics
123
—
Aldrees
110
+ 33%
Arabian Drilling
24
+ 19%
ADES Holding
194
(2%)
Luberef
300
—
Alkhorayef Water
62
(19%)
Miahona
7
(11%)
ACWA Power
319
(49%)
AMAK
73
+ 18%
Seera
59
+ 8%
Tadawul Group
111
(32%)
Leejam
64
(13%)
Riyadh Cables
298
+ 87%
Tasheel
49
+ 5%
Al Arabia
50
+ 6%
The table below shows Al Rajhi Capital’s forecast for companies listed on the Nomu-Parallel Market:
Al Rajhi Capital’s Q2 Forecasts for Nomu-Listed Companies (SAR mln)
Company
H1
2025 (Projected)
YoY Change
Marble Design
7
(21%)
TAM
10
(9%)
Academy for Learning
21
+ 171%
