Saudi Basic Industries Corporation (SABIC) reported a 3.79 percent increase in net profit in the second quarter of 2022, to 7.93 billion riyals ($2.11 billion), compared to 7.64 billion riyals in the same period last year.
The increase in profit was attributed to higher average selling prices despite an increase in feedstock costs and higher selling and distribution expenses, the company said in a bourse statement.
Analysts previously forecasted SABIC’s profits in the second quarter of 2022 will be around 6.2 billion riyals, a decrease of 18.52 percent year on year. The company achieved slight profits of 7.93 billion riyals in the first quarter, compared to 7.64 billion riyals in the same period last year.
SABIC said profits were also buoyed by an increase in the share of results of associates and joint ventures.
The net profit after zakat and tax in the first half amounted to 14.4 billion riyals, up 15.11 percent from 12.51 billion riyals the previous year.