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

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RIYADH: Petrochemical giant Saudi Basic Industries Corp. said on Thursday that net profit jumped 84% year-on-year to 2.18 billion riyals ($564 million) in the second quarter of 2024, driven by higher margins and new zakat rules. In a statement, Tadawul said the company reported a 32% increase in gross profit to 7.19 billion riyals, driven by higher margins on core products and higher sales volumes, although this was partially offset by non-recurring expenses. Sales increased in the Americas, declined in Europe and remained flat in China, the Middle East and other parts of Asia.

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