Saudi Basic Industries Q2 net profit jumps 81 pct, beats estimates | Reuters

Saudi Basic Industries Q2 net profit jumps 81 pct, beats estimates | Reuters:

Saudi Basic Industries Corp (SABIC), the world’s fourth-biggest petrochemicals company, reported an 81 percent leap in second-quarter net profit on Sunday, citing higher selling prices and a jump in sales volumes.

SABIC made a net profit of 6.70 billion riyals ($1.79 billion) in the three months to June 30, up from 3.71 billion riyals in the year-earlier period, it said in a bourse statement.

Analysts had on average expected SABIC to make a net profit of 5.8 billion riyals.