Middle East financial results offer mixed bag in Q2/H1 2024

Lower oil prices hit Aramco
State-owned oil giant Saudi Aramco’s net income for the second quarter of 2024 totaled $29.07 billion, down from $30.08 billion in the same period of 2023. This decline was primarily due to reduced crude oil sales volumes and declining refining margins. Aramco’s Q2 net income was higher than $27.3 billion reported in the first quarter of 2024 though.
The company’s net income was $56.3 billion in H1 2024, down from $62 billion in the same period last year.
Upbeat results
Saudi Basic Industries Corp (SABIC) reported a net profit of 2.18 billion riyals ($582 million) for Q2 2024. This represents a sharp 85% year-on-year increase, and a surge from 250 million riyals ($66.66 million) net profit reported in the first quarter of 2024.
The company’s net profit soared by 32% to SAR 2.43 billion ($656.1 million) for H1 2024.
Saudi Arabia’s Yanbu National Petrochemical Company’s (Yansab) net income skyrocketed to SAR 224.8 million ($59.9 million) in the second quarter of 2024 from SAR 27.4 million ($7.3 million) in the same period last year. Yansab’s net income more than doubled from SAR 99.5 million ($26.5 million) announced in the first quarter of 2024.
The company swung to a net profit of SAR 324 million ($86 million) in H1 2024, compared to a net loss of SAR 342 million ($91 million) in the year-earlier period.
Saudi Arabia’s National Petrochemical Industrial Co. (NATPET) also reported a net income of SAR 47.6 million ($13 million) for Q2, marking a 9.4% rise from the previous quarter and a 2.5% increase compared to the same period last year.
The company’s net profit for H1 2024 reached SAR 91.2 million ($24 million), reflecting a 53.9% surge from SAR 59.2 million ($16 million) the same period last year.
UAE’s Borouge reported a net profit of $308 million for the second quarter of 2024, an increase of 33% year-on-year.
The company’s net profit for the first half of 2024 was $581 million, a 35% increase from the same period last year.
UAE’s ADNOC Group’s listed companies posted strong financial results for Q2 and H1 2024, with the six firms recording a 12.9% year-over-year increase in net profit, reaching AED 623 million ($170 million). The company’s H1 2024 net profit attributable to equity holders rose by 7.7% year-over-year to AED 1.2 billion ($327 million).
Incurring losses
Saudi Arabia’s Sadara Chemical, a joint venture between Dow Chemicals and Saudi Aramco, reported a net loss of SAR 1.07 billion ($285.3 million) in Q2 2024. The company narrowed its net loss by 22.3% from SAR 1.39 billion ($370.7 million) in the same period last year.
Nonetheless, the company’s accumulated losses exceeded 100% of its share capital as of June 30, 2024.
Saudi Arabia’s Rabigh Refining and Petrochemical Company (Petro Rabigh) reported a SAR 1.1 billion ($293 million) loss in Q2 2024, compared to a SAR 1.19 billion ($317 million) loss in the same period last year and SAR 1.36 billion ($363 million) in Q1 2024.
The company’s net loss for the first half of 2024 widened to SAR 2.46 billion ($655 million) in H1 2024, compared to SAR 2.16 billion ($575 million) in a year-earlier period.
Industries Qatar (IQ) reported a net profit of 1.1 billion Qatari riyals ($302 million) for the second quarter of 2024, an 18% decline from the previous quarter’s 1.3 billion Qatari riyals ($356 million).
For the six-month period ended 30 June 2024, the company reported a consolidated net profit of 2.3 billion Qatari riyals ($630 million), marking a moderate 12% improvement compared to the same period in 2023.
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