PHOTO
The headquarters of Saudi Basic Industries Corp (SABIC) is seen in Riyadh, Saudi Arabia April 19, 2016. Faisal Al Nasser, Reuters
Saudi Basic Industries Corp (SABIC), one of the biggest petrochemical companies globally, on Thursday posted Q2 2024 net profit of 2.18 billion riyals ($582 million), 85% higher year-on-year YoY, boosted by increased sales volume and higher margin.
Net zakat benefits of SAR 545 million were added to the Q2 profit after a reassessment of the zakat positions in the current and previous years.
Sales revenue came to SAR 35.72 billion, up 5% YoY on improvements in average selling prices and a slight increase in sales volume.
Net cash position was SAR 2.01 billion as of June 30, down 33% from SAR 3.02 billion from the end of the previous quarter.
SABIC projected CAPEX spending at the lower range of $4 to 5 billion for 2024.
The petchem giant added the captured value from its association with Saudi Aramco through June 2024 (from June 2020 when Aramco acquired 70% of SABIC shares) amounts to SAR 7.8 billion, including synergies of SAR 607.5 million realized in Q2 2024.
For H1 2024, the company posted a net profit SAR 2.43 billion, 3% lower YoY.
(Reporting by Brinda Darasha; editing by Seban Scaria)
(brinda.darasha@lseg.com)