SABIC’s net profit soars for Q2 2024

Saudi Basic Industries Corp (SABIC), one of the largest petrochemical companies in the world, reported a net profit of 2.18 billion riyals ($582 million) for Q2 2024. This represents a sharp 85% year-on-year increase, driven by higher sales volume and improved margins.

It also surged from 250 million riyals ($66.66 million) net profit reported in the first quarter of 2024.

For H1 2024, although the company posted a yearly drop of 3% in revenue at 68 billion riyals, the net profit soared by 32% to SAR 2.43 billion ($$656.1 million).

These improved results follow the net loss of SAR1.7 billion ($453 million) incurred in the fourth quarter of 2023 while a net loss of SAR2.8 billion ($746 million) was registered for the full year 2023.