Top Saudi Chemical Firm Beats Profit Estimate in Sign of Rebound
Sabic’s shares have dropped about 6% this year.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Saudi Arabia’s biggest chemical company beat analysts’ profit estimates in the second-quarter, an early sign the industry may be recovering after a challenging downturn.
Saudi Basic Industries Corp., also known as Sabic, posted 2.18 billion riyals ($581 million) in profit. That’s an 85% increase as the company said margins for some products improved.