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)