Aramco expected to post $44bn profit in Q2: report

Aramco, Saudi Arabia’s oil giant, is expected to post SR164.8 billion ($44 billion) in profits in the second quarter of 2022, up 81 percent from a year earlier, Riyadh-based financial services firm Al-Rajhi Capital reported on Wednesday. 

The firm which has analyzed the performance of all industrial sectors expects Saudi-listed companies to see mixed earnings in Q1 2022, amid rising oil prices, looming economic slowdown risks, and interest rate hikes. 

The profit of the chemical giant Saudi Basic Industries Corp’s (SABIC) is forecast to slightly slip by 1 percent to SR7.6 billion.

Petrochemical companies will see pressure on earnings, weighed down by higher feedstock costs amid stable polymer prices, the report added.

In the healthcare sector, Dallah Health and Sulaiman Al Habib are expected to see a profit surge of 50 percent and 10 percent respectively.

The outlook is negative for the cement sector. Saudi Cement, Southern Cement, and Yamama Cement are expected to see a drop in profit due to lower cement volumes.