Value Capital Sees Al Rajhi Q2 Profit Near SAR 5.2B

Value Capital issued its Q2 2026 estimates for several Saudi companies and banks under its coverage, including a net profit of nearly SAR 5.2 billion for Al Rajhi Bank.

The brokerage's forecast is roughly in line with analyst expectations. Al Rajhi reported net profit of SAR 4.85 billion in Q1 and SAR 4.95 billion in the year-earlier quarter. The estimate implies a 4% sequential increase and an 5.5% year-on-year gain, according to the research note.

Other estimates from Value Capital cover Saudi National Bank, Saudi British Bank, Riyad Bank, and Saudi Aramco. The brokerage sees SNB reporting around SAR 5.1 billion and SABB near SAR 1.3 billion. Riyad Bank is expected to deliver roughly SAR 1.5 billion. For Aramco, the estimate is about SAR 105 billion.

The bank estimates reflect steady lending growth and stable net interest margins, the note said. The Aramco number assumes Brent crude averaging $72 a barrel in the quarter, down from $78 in the same period last year.

Value Capital's estimates for the Tadawul-listed companies come ahead of the reporting season that begins later this month. Al Rajhi is scheduled to release results after the market close on July 16. The other banks will follow by July 22.

The brokerage's Al Rajhi estimate sits between forecasts from AlJazira Capital (SAR 5.3 billion) and United Securities (SAR 5.08 billion). SICO's forecast was SAR 5.23 billion.

Value Capital did not provide full-year targets for any of the names. The Q2 estimates represent a snapshot of first-half performance before management guidance and dividend announcements.