Sabic Q2 profits jump 81pc to $1.79bn
RIYADH, July 29, 2018
Saudi Basic Industries Corp (Sabic), a global petrochemicals giant, reported a net profit of SR6.70 billion ($1.79 billion) for the second quarter of this year, the company said in a bourse statement.
The figure was an 81 per cent increase compared to SR3.71 billion ($989.06 million) in the year-earlier period.
The company cited higher selling prices and a jump in sales volumes for the positive result, said a Reuters report.
Analysts had on average expected Sabic to make a net profit of SR5.8 billion ($1.55 billion), it said.
Quarterly sales climbed 26 per cent from a year earlier to SR43.28 billion ($11.54 billion) and were up 3 per cent from the previous quarter.
