Riyadh – Mubasher: The net profits of Saudi Basic Industries Corporation (SABIC) hiked by 32.06% year-on-year (YoY) to SAR 2.43 billion in the first half (H1) of 2024, compared to SAR 1.84 billion.
The revenues reached SAR 68.40 billion in H1-24, marking an annual drop of 3.01% from SAR 70.53 billion, according to the interim financial results.
Earnings per share (EPS) increased to SAR 0.81 as of 30 June 2024 from SAR 0.61 in H1-23.
Income Results for Q2-24
In the second quarter (Q2) of 2024, SABIC logged net profits amounting to SAR 2.18 billion, higher by 84.74% YoY than SAR 1.18 billion.
Revenues increased by 4.75% to SAR 35.72 billion in the three-month period that ended on 30 June 2024 from SAR 34.10 billion in Q2-23.
Quarter-on-quarter (QoQ), the net profits in Q2-24 soared by 772% from SAR 250 million in Q1-24, while the revenues climbed by 9.26% from SAR 32.69 billion.
In May, the company’s board announced cash dividends valued at SAR 5.10 billion, equivalent to 17% of the capital, for H1-24.
