SABIC reported second-quarter net profit of SAR2.18 billion ($0.58 billion), representing an 85% year-over-year increase. EBITDA rose 37%, to SR4.88 billion, fueled by higher sales volume and average selling prices.
“The significant rise in profits is attributed to better product margins and increased sales volumes, along with effective management of supply chain challenges in the region,” said SABIC CEO Abdulrahman Al-Fageeh. “This reflects our resilience, innovation, and ability to adapt under the prevailing challenging circumstances and meet the demands of our customers worldwide.”
SABIC Agri-Nutrients (formerly SAFCO) reported net income of SAR705 million ($188 million) for the quarter, up 8% from last year, with total sales reported at SAR2.7 billion ($0.7 billion), up 2% from 2023.
Average sales prices were down 4% from last year while sales volumes were up 6%. Compared with the first quarter, sales prices were down 15% and sales volume were up 25%, resulting in a 6% increase in revenue. Agri-Nutrients’ net profits fell 5% in the first half due to lower average selling prices.