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

RIYADH: Petrochemical giant Saudi Basic Industries Corp. saw an 84 percent year-over-year increase in net profit to SR2.18 billion ($564 million) in the second quarter of 2024, driven by higher margins and new zakat rules. In a Tadawul statement, the company reported a 32 percent increase in gross profit to SR7.19 billion, driven by improved … Read more