DUBAI, Aug 9 (Reuters) - Saudi Basic Industries Corp
(SABIC) said on Tuesday that it expects margins to be
under pressure in the second half of 2022, due to a slowdown in
global growth, lockdowns in China, conflict in Europe and
continued supply chain challenges.
The guidance from the world's fourth-biggest petrochemicals
firm by sales and asset value came as it reported an almost 4%
rise in second-quarter net profit.
SABIC reported a net profit of 7.93 billion riyals ($2.11
billion) in the three months to June 30, up from 7.64 billion
riyals in the year-ago period, the company said in a bourse
It attributed the increase in profit to higher average
selling prices despite an increase in feedstock costs and higher
selling and distribution expenses.
The company said profits were also buoyed by an increase in
share of results of associates and joint ventures.
($1 = 3.7580 riyals)
(Reporting by Hadeel Al Sayegh; Editing by Shailesh Kuber)