RIYADH: In the second quarter of 2024, petrochemical giant Saudi Basic Industries Corp. increased net profit by 84 percent year-on-year to SR2.18 billion ($564 million), thanks to higher margins and new zakat rules. In a Tadawul filing, the company reported a 32 percent increase in gross profit to SR7.19 billion, driven by higher margins on key products and higher sales, but partially offset by one-off costs. Sales were up in the Americas, down in Europe and flat in China, the Middle East and the rest of Asia.
