SABIC reports 23.2% fall in Q2 net profit
Despite the decrease, the company’s Q2 net profit beat Reuters analysts’ expectations which called for a net profit of around 3.92 billion riyals.
The Saudi government’s reforms for energy subsidies to bring down a huge budget deficit are expected to increase the company’s costs. As of the first quarter of this year, the company’s total annual costs before minority interests are expected to rise by around 5%.
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