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 rise in gross profit to SR7.19 billion, driven by better margins on key products and higher sales volume, although partially offset by one-off charges. Sales were up in the Americas, down in Europe and flat in China, the Middle East and the rest of Asia.
