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 rules. 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, although partially offset by non-recurring charges. Sales rose in the U.S., fell in Europe, and remained flat in China, the Middle East, and the rest of Asia.
