RIYADH: Petrochemical giant Saudi Basic Industries Corp. reported an 84% year-on-year increase in net profit to SR2.18 billion ($564 million) in the second quarter of 2024, thanks to higher margins and new zakat regulations. In a Tadawul filing, the company reported a 32 percent rise in gross profit to SR7.19 billion, driven by improved margins on key products and higher sales volume, although partially offset by non-recurring charges. Sales were up in the Americas, down in Europe and flat in China, the Middle East and Rest of Asia.
