The financial statements of the Saudi Basic Industries Corporation (SABIC) showed the company's transformation to profitability in the first half of this year compared to losses for the same period in 2020.
According to the company's results for the Saudi market (Tadawul), today, Thursday, profits for the period amounted to 12.51 billion riyals, compared to losses in the first half of 2020 of 3.27 billion riyals.< /p>
The company also turned profitable in the second quarter of this year, with a value of 7.64 billion riyals, compared to 2.22 billion riyals losses for the same period last year.
The company said in a statement to the stock exchange that the total revenues amounted to 42.42 billion riyals, compared to 24.62 billion riyals during the same period last year, with a growth rate of 72.3%.
SABIC attributed the reason for achieving a net profit during the second quarter to an increase in average selling prices of products and a net profit on the company's share of joint ventures and associate companies.< /p>
It noted that the second quarter of the year 2020 witnessed the recording of provisions for a decrease in the value of some capital assets, amounting to 1.18 billion riyals.
The company said that it is expected to witness modest levels of profit margins during the second half of 2021 compared to the high levels witnessed in the first half of this year.
