RIYADH: Petrochemical giant Saudi Basic Industries Corp. reported an 84 percent year-on-year increase in net profit to SR2.18 billion ($564 million) in the second quarter of 2024, driven by higher margins and new zakat regulations. In a Tadawul statement, the company reported a 32 percent increase in gross profit to SR7.19 billion, driven by improved margins on key products and higher sales volumes, but partially offset by one-time costs. Revenues rose in the Americas, fell in Europe and were flat in China, the Middle East and the rest of Asia.
