SABIC reports 84% surge in net profit to $564m

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RIYADH: Petrochemical giant Saudi Basic Industries Corp. reported an 84 percent year-on-year increase in net profit to SR2.18 billion ($564 million) in the second quarter of 2024, driven by higher margins and new zakat regulations. In a Tadawul filing, the company reported a 32 percent increase in gross profit to SR7.19 billion, driven by improved margins on key products and higher sales volume, although partially offset by non-recurring charges. Sales increased in the Americas, fell in Europe, and were flat in China, the Middle East and the rest of Asia.

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