Riyadh – Mubasher: The Saudi Basic Industries Corporation (SABIC) on Sunday reported an 80.59% year-on-year jump in its net profit during the second quarter of 2018, recording SAR 6.7 billion in Q2-18, compared to SAR 3.71 billion during Q2-17.
Quarter-on-quarter, profits rose 21.6% in Q2-18, from SAR 5.51 billion, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm attributed the second-quarter profit increase to a rise in an average of selling prices, coupled with higher sales volumes.
Sales went up 26% to SAR 43.28 billion in the period between April and June, from SAR 34.44 billion in the same period a year earlier.
At the level of the first six months of 2018, SABIC logged a 36.47% profit hike to SAR 12.2 billion, from SAR 8.94 billion in H1-17.
The company’s sales increased by 20% to SAR 85.15 billion during H1-18, compared to SAR 70.76 billion in the prior-year period.
SABIC’s stock remained unchanged to close Thursday at SAR 129.80.
