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

RIYADH: Petrochemicals giant Saudi Basic Industries Corp. reported an 84% year-on-year increase in net profit to SR21.8 billion ($564 million) in the second quarter of 2024, thanks to higher margins and new zakat rules. Gross profit rose 32% to SR71.9 billion, partly offset by non-recurring expenses, the company said in a Tadawul statement, due to … Read more