The profits of the Saudi Basic Industries Corporation (SABIC) increased by 3.79% after zakat and tax to reach 7.93 billion riyals in the second quarter of 2022, compared to 7.64 billion riyals in the same quarter of the previous year.
According to Arabiya Net, SABIC said that the increase in net profit in the second quarter of 2022, on an annual basis, is due to the increase in average selling prices of products and quantities sold, which was offset by an increase in the prices of feedstock materials and shipping and distribution costs.
It added that the profit was also affected by its share of the results of associates and joint ventures.
On a quarterly basis, SABIC's net profit increased by 22.57% in the second quarter of 2022, compared to a profit of about 6.47 billion riyals in the first quarter of 2022.
SABIC's net profit rose by 15.11% in the first half of 2022, to about 14.4 billion riyals after zakat and tax, compared to 12.51 billion riyals in profits in the first half of 2021.