GIB Capital released its Q1 2026 earnings forecasts for several Saudi-listed companies under its coverage.
GIB Capital’s Q1 Earnings Estimates (SAR mln)
Company
Q1 2026 Estimates
(SAR mln)
YoY Change
Petrochemicals
Alujain
14.0
—
Sipchem
(298.0)
—
Kayan
(591.0)
—
Energy
Arabian Drilling
(20.0)
—
ADES Holding*
246.0
27%
Basic Materials
Luberef
250.0
13%
AMAK
72.0
30%
Utilities
Miahona
2.4
(96%)
Banks
SNB**
6349.0
5%
Tadawul Group
85.0
(29%)
Retail
Jarir
230.0
6%
SASCO***
4.9
14%
Food
Tanmiah
(21.0)
—
First Mills
73.0
(8%)
Modern Mills
71.0
8%
Arabian Mills
65.0
2%
Consumer Services
Americana*
127.5
4%
Alamar
2.0
—
Leejam*
55.0
(22%)
Sport Clubs
5.0
47%
Seera*
12.0
(68%)
Capital Goods
Riyadh Cables
282.0
10%
Astra
188.0
9%
GAS
35.0
12%
Transport
Theeb
35.0
(23%)
Budget Saudi
70.0
(15%)
Lumi
43.0
(19%)
Cherry
15.0
(3%)
flynas
68.0
(54%)
SAL
153.0
—
IT
Elm***
456.0
(8%)
Saudi Azm****
10.0
23%
Healthcare
Sulaiman Al Habib
630.0
13%
Mouwasat
185.0
(6%)
Al Hammadi
47.0
(36%)
Jamjoom Pharma
170.0
8%
Avalon Pharma
26.0
34%
Al Akaria
4.0
(97%)
Cenomi Retail*
77.0
—
Retal
52.0
(24%)
Masar
(67.0)
—
Commercial and Professional Services
Al Mawarid
35.0
17%
SMASCO
45.0
11%
*Forecasts converted from USD to SAR.
*Q3 forecasts – for the period ending March 2026.
*Net income adjusted for fair value gains/(losses) and non-recurring banking items.
*Includes non-recurring items at a value of SAR 6 million in Q1 2025.
GIB Capital released its Q1 2026 earnings forecasts for several Saudi-listed companies under its coverage.
GIB Capital’s Q1 Earnings Estimates (SAR mln)
Company
Q1 2026 Estimates
(SAR mln)
YoY Change
Petrochemicals
Alujain
14.0
—
Sipchem
(298.0)
—
Kayan
(591.0)
—
Energy
Arabian Drilling
(20.0)
—
ADES Holding*
246.0
27%
Basic Materials
Luberef
250.0
13%
AMAK
72.0
30%
Utilities
Miahona
2.4
(96%)
Banks
SNB**
6349.0
5%
Tadawul Group
85.0
(29%)
Retail
Jarir
230.0
6%
SASCO***
4.9
14%
Food
Tanmiah
(21.0)
—
First Mills
73.0
(8%)
Modern Mills
71.0
8%
Arabian Mills
65.0
2%
Consumer Services
Americana*
127.5
4%
Alamar
2.0
—
Leejam*
55.0
(22%)
Sport Clubs
5.0
47%
Seera*
12.0
(68%)
Capital Goods
Riyadh Cables
282.0
10%
Astra
188.0
9%
GAS
35.0
12%
Transport
Theeb
35.0
(23%)
Budget Saudi
70.0
(15%)
Lumi
43.0
(19%)
Cherry
15.0
(3%)
flynas
68.0
(54%)
SAL
153.0
—
IT
Elm***
456.0
(8%)
Saudi Azm****
10.0
23%
Healthcare
Sulaiman Al Habib
630.0
13%
Mouwasat
185.0
(6%)
Al Hammadi
47.0
(36%)
Jamjoom Pharma
170.0
8%
Avalon Pharma
26.0
34%
Al Akaria
4.0
(97%)
Cenomi Retail*
77.0
—
Retal
52.0
(24%)
Masar
(67.0)
—
Commercial and Professional Services
Al Mawarid
35.0
17%
SMASCO
45.0
11%
*Forecasts converted from USD to SAR.
*Q3 forecasts – for the period ending March 2026.
*Net income adjusted for fair value gains/(losses) and non-recurring banking items.
*Includes non-recurring items at a value of SAR 6 million in Q1 2025.
