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

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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 improved margins and higher sales volumes for key products. Revenues rose in the Americas, declined in Europe, and were flat in China, the Middle East and the rest of Asia.

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