GIB Capital released its Q4 2025 earnings forecasts for several Saudi-listed companies under its coverage.
The table below outlines GIB Capital’s financial estimates for approximately 42 listed companies on Tadawul for Q4 2025.
GIB Capital’s Q4 Earnings Estimates (SAR mln)
Company
Q4 2025 Estimates (SAR mln)
YoY Change
Petrochemicals
Advanced
15
—
Alujain
8
—
Sipchem
(248)
—
Kayan
(439)
—
Energy
Arabian Drilling
(13)
—
ADES Holding*
172
(17%)
Materials
Luberef
128
(39%)
AMAK
79
+92%
Utilities
Miahona
4
—
Banks
SNB**
6169
+11%
Tadawul Group
74
(36%)
Retail
Jarir
266
(3%)
SASCO***
8
(21%)
Food
Tanmiah
(27)
—
Entaj
(5)
—
First Mills
70
+5%
Modern Mills
56
+10%
Arabian Mills
60
+5%
Consumer Services
Americana
199
+28%
Alamar*
18
(17%)
Leejam
80
(22%)
Sport Clubs
17
+18%
Seera
60
—
Capital Goods
Riyadh Cables
257
+2%
Astra
175
+33%
GAS
35
+6%
Transport
Theeb
50
(2%)
Budget Saudi
86
(16%)
Lumi
46
(7%)
Cherry
14
(19%)
flynas
(70)
—
SAL
180
+27%
Other Sectors
Elm***
710
+43%
Azm****
9
+24%
Jamjoom Pharma
74
+43%
Avalon Pharma
46
+3%
Al Akaria
42
(78%)
Cenomi Centers*****
77
(64%)
Retal
53
(42%)
Masar
83
(56%)
Al Mawarid
32
+12%
SMASCO
39
+67%
** Gross operating profit
****resulting from Thiqah acquisition
**** Has a different fiscal year
***** Net profit is adjusted for FV gains/(losses) and one-offs
Advanced: Q4 2025 results include impact of one-off amortization costs at a value of SAR 212 million.
Alujain: Q4 2025 results include one-off costs at a value of SAR 130 million.
Sipchem: Q4 results include one-off Zakat provision reversal at a value of SAR 81 million.
Kayan: Includes SAR 71 million insurance proceeds in Q4 2024
ADES: Q4 2025 earnings includes 1-month impact of Shelf Drilling and one-off costs
Retal: Q4 2024 includes one-time gain of SAR45 million from liquidation of Remal Fund
GIB Capital released its Q4 2025 earnings forecasts for several Saudi-listed companies under its coverage.
The table below outlines GIB Capital’s financial estimates for approximately 42 listed companies on Tadawul for Q4 2025.
GIB Capital’s Q4 Earnings Estimates (SAR mln)
Company
Q4 2025 Estimates (SAR mln)
YoY Change
Petrochemicals
Advanced
15
—
Alujain
8
—
Sipchem
(248)
—
Kayan
(439)
—
Energy
Arabian Drilling
(13)
—
ADES Holding*
172
(17%)
Materials
Luberef
128
(39%)
AMAK
79
+92%
Utilities
Miahona
4
—
Banks
SNB**
6169
+11%
Tadawul Group
74
(36%)
Retail
Jarir
266
(3%)
SASCO***
8
(21%)
Food
Tanmiah
(27)
—
Entaj
(5)
—
First Mills
70
+5%
Modern Mills
56
+10%
Arabian Mills
60
+5%
Consumer Services
Americana
199
+28%
Alamar*
18
(17%)
Leejam
80
(22%)
Sport Clubs
17
+18%
Seera
60
—
Capital Goods
Riyadh Cables
257
+2%
Astra
175
+33%
GAS
35
+6%
Transport
Theeb
50
(2%)
Budget Saudi
86
(16%)
Lumi
46
(7%)
Cherry
14
(19%)
flynas
(70)
—
SAL
180
+27%
Other Sectors
Elm***
710
+43%
Azm****
9
+24%
Jamjoom Pharma
74
+43%
Avalon Pharma
46
+3%
Al Akaria
42
(78%)
Cenomi Centers*****
77
(64%)
Retal
53
(42%)
Masar
83
(56%)
Al Mawarid
32
+12%
SMASCO
39
+67%
** Gross operating profit
****resulting from Thiqah acquisition
**** Has a different fiscal year
***** Net profit is adjusted for FV gains/(losses) and one-offs
Advanced: Q4 2025 results include impact of one-off amortization costs at a value of SAR 212 million.
Alujain: Q4 2025 results include one-off costs at a value of SAR 130 million.
Sipchem: Q4 results include one-off Zakat provision reversal at a value of SAR 81 million.
Kayan: Includes SAR 71 million insurance proceeds in Q4 2024
ADES: Q4 2025 earnings includes 1-month impact of Shelf Drilling and one-off costs
Retal: Q4 2024 includes one-time gain of SAR45 million from liquidation of Remal Fund
