Sabic's Second-Quarter Net Profit Rises 7%
Higher Sales Volumes and Prices Give State-Owned Saudi Basic Industries a Boost
The company better known as Sabic reported net profit for the three months ended June 30 of 6.46 billion Saudi riyals ($1.72 billion), up from SAR6.04 billion a year earlier, according to a statement published on the Saudi stock exchange website.
The quarterly result was broadly in line with analyst forecasts. Riyadh-based NCB Capital had expected Sabic to post a net profit of SAR6.36 billion, while Cairo-based EFG-Hermes analysts had penciled in a SAR6.7 billion result.
The petrochemical giant, which is 70% state-owned, attributed the increase in profits to higher production and sales volumes as well as higher sales prices.