KSA Business: Sabic net income increases to $2.11bn in Q2 – Gulf Digital News

KSA Business: Sabic net income increases to $2.11bn in Q2 – Gulf Digital News

Saudi Basic Industries Corporation's (Sabic) revenue for the second quarter reached SR55.98 ($14.93 billion), representing an increase of 6% compared to the previous quarter and a 32% increase year-on-year.

Net income during the second quarter totaled SR7.93 billion ($2.11 billion). This is higher than both the net income of SR6.47 billion in the previous quarter and the net income of SR7.64 billion in the second quarter of 2021, said the company.

Yousef Abdullah Al-Benyan, Sabic’s Vice Chairman and Chief Executive Officer, said: “The second quarter strong financial results demonstrates Sabic’s robust operational performance across the different segments. Our commitment to sustainability and innovation was evident through winning two silver and three bronze awards in the prestigious Edison Awards. These awards also reflect our commitment to helping achieve our long-term objective of carbon neutrality by 2050."

Al-Benyan continued: “Distributing dividends to our shareholders remains a priority for Sabic. In June 2022, Sabic’s board approved a cash dividend distribution of SR2.25 per share for the first half of 2022, approximately 29 % higher than the cash dividend distribution of SR1.75 per share for the first half of 2021."

To maintain the company’s growth and marketing momentum, Sabic continued to invest in sustainable business solutions and strategic