Chemical giant SABIC’s Q2 earnings beat estimates as profit soars to $2.1bn

RIYADH: Saudi chemical giant SABIC has reported a surge in second-quarter profits to SR7.93 billion ($2.1 billion), beating analysts’ average estimate of SR5.9 billion.

Profits jumped nearly 4 percent from SR7.6 billion in the same quarter a year earlier, coupled with a revenue jump of 32 percent to SR56 billion, according to a bourse filing.

Analysts had earlier forecasted a 23-percent profit decline along with a 25.7 percent surge in sales to SR53.3 billion, Argaam data showed.