Saudi Basic Industries Corporation (SABIC) achieved a net profit of SAR 6.7 billion in the second quarter of 2018, compared to SAR 3.71 billion in the same period of the previous year, an increase of 81 %, compared to SAR 5.51 billion in the previous quarter, an increase of 21.6 %.

Gross profit reached SAR 15.86 billion for the second quarter of 2018, compared to SAR 10.35 billion in the corresponding quarter of 2017, an increase of 53.24 %.

Gross profit reached 15.86 billion riyals for the second quarter of 2018, compared to 10.35 billion riyals in the same quarter of 2017, up 53.24 %, and compared to 14.21 billion riyals in the previous quarter, up 11.61 %.

The company's total profit reached 15.86 billion riyals, compared to 10.35 billion riyals in the same quarter of 2017, up 53.24 %. In a press conference held today at SABIC's headquarters in Riyadh, Vice Chairman and CEO Yousef Al-Benyan emphasized that these results reflect the company's ability to achieve the greatest returns from the positive developments in global markets, supported by its success in the transformation and restructuring initiatives implemented over the past two years, and the continuous focus on the reliability of plant performance while maintaining excellent safety and security levels, noting that the increase in net profit is due to higher average selling prices and increased volumes sold.

Net profit increased due to higher average selling prices for products and increased volumes sold.

These results included an increase in operating profit during the second quarter to SAR 10.83 billion, compared to SAR 5.58 billion for the same quarter of the previous year, an increase of 94.09%, and compared to SAR 8.94 billion for the previous quarter, an increase of 21.14TP3T.

Operating profit for the second quarter increased to SAR 10.83 billion, compared to SAR 5.58 billion for the same quarter of the previous year, an increase of 94.09%.

Earnings per share for the first half of 2018 amounted to 4.07 riyals, compared to 2.98 riyals for the same period of the previous year.

Total sales for the current quarter increased to SAR 43.28 billion, compared to SAR 34.44 billion for the corresponding quarter of the previous year, an increase of 26%, and compared to 41.86 for the previous quarter of the current year, an increase of 3%.

Total sales for the current quarter increased to SAR 43.28 billion, compared to SAR 34.44 billion for the corresponding quarter of the previous year, an increase of 3%. Total sales for the current period amounted to SAR 85.15 billion, compared to SAR 70.76 billion for the corresponding period of the previous year, an increase of 20%.

SABIC surpassed the expectations of leading economic analysts and financial institutions, achieving an 81% increase in net profit during the second quarter of this year compared to the same quarter last year.

<The CEO reviewed SABIC's most important achievements during the second quarter of this year, addressing the company's progress in the Forbes global ranking to third place, among the list of the most powerful diversified chemical companies in the world for the year 2018. SABIC was ranked fourth in the previous ranking. <Al-Benyan said: ”This development is a practical embodiment of the company's success in implementing the transformation program within its 2025 strategy, and a reflection of the company's growing performance and the strength of its financial position.”

SABIC has also been ranked third in the list of the most powerful diversified chemical companies in the world for the year 2018. <The company also received an A+ rating from Fitch Global Ratings, with a stable outlook, reflecting the strength of its cash flows and the solidity of the company's financial position in meeting its global financial obligations. The company was the heaviest weight in the Saudi stock market according to the Morgan Stanley Global Index.

On the other hand, Al-Bunni emphasized that the company's strong cash flow and solid financial position to meet its global financial commitments. <On the other hand, Al-Benyan emphasized that the company's participation in the 2018 United Nations High Level Political Forum on Sustainable Development entitled: “Transforming Towards Resilient and Sustainable Societies”, held recently in New York City, USA, reflects its leadership in the field of sustainability. <Al-Bunyan participated in the forum as a representative and spokesperson for the Saudi private sector as part of a large delegation of Saudi Arabia that presented the first voluntary report on the Kingdom's efforts related to sustainability and the achievement of the United Nations Development Goals. <This participation reflects SABIC's role in supporting the Kingdom's efforts to achieve progress and development in the industrial fields, in fulfillment of the Kingdom's Vision 2030. The CEO reviewed the company's progress in the field of corporate governance, where SABIC received the first place in the Corporate Governance Index for companies listed on the Saudi Stock Exchange, and the Best Corporate Governance Company in the Middle East - Large Companies Award.

SABIC's ranking came at the level of large companies. SABIC's ranking at the top of the Saudi Stock Exchange's Corporate Governance Index, announced by Al Faisal University's Corporate Governance Center during the “Second Annual Corporate Governance Conference” held in April, confirms SABIC's commitment to applying governance and transparency standards.

SABIC was also awarded the Best Corporate Governance Company in the Middle East - Large Company Level. For the second consecutive year, SABIC was recognized as the Best Company for Good Governance in the May 2018 edition of EthicalBoardroom's Corporate Governance Assessment,

SABIC was also recognized for the second consecutive year.

The global magazine specialized in this field.

Bunyan emphasized. Speaking to reporters, Al Bunyan stressed that the company works continuously to maximize returns for investors and shareholders, regardless of any developments that may relate to the ownership of its shares, expressing his appreciation for the role of employees

. "SABIC continues to attract and retain the best expertise in its fields to support and enable innovation and excellence in all of its operations."

Al Bunyan stressed that the company is working continuously to maximize returns for investors and shareholders, regardless of any developments related to the ownership of its shares.