Sunday, 24 September 2023 11:40 GMT

SABIC surpasses Q2 earnings expectations with USD2.1B profit

(MENAFN) A rise in second-quarter earnings to SR7.93 billion (USD2.1 billion) has been announced by Saudi chemical firm SABIC, above analysts' average expectation of SR5.9 billion.

According to a bourse filing, profits increased by almost 4 percent from SR7.6 billion in the same quarter last year, while sales increased by 32 percent to SR56 billion.

According to Argaam statistics, analysts had earlier predicted a 23 percent fall in profit combined with a 25.7 percent increase in revenues to SR53.3 billion.

Despite a rise in feedstock pricing and selling expenditures, the Riyadh-based corporation credited the success to greater average selling costs and sales volume.

The corporations’ success was also boosted by a bigger share of the results of its affiliates, such as SABIC Agri-Nutrients, which reported a 262 percent soar in quarterly earnings.

SABIC's CEO Yousef Al-Benyan remarked that “the second quarter’s strong financial results demonstrate SABIC’s robust operational performance across the different segments.”

He also mentioned, “our commitment to sustainability and innovation was evident through winning two silver and three bronze awards in the prestigious Edison Awards. These awards also reflect our commitment to helping achieve our long-term objective of carbon neutrality by 2050.”


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