82 Days
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الاقتصادية
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Sabic reports Q2 net loss
Saudi Basic Industries Corporation (SABIC) recorded a net loss of 833 million riyals in the second quarter of 2026, compared to a larger loss of 4.07 billion riyals in the same period of the previous year, reflecting a 79.6% improvement. The loss was driven by a 17.9% decrease in revenues, which totaled 24.81 billion riyals, along with a significant decline in operating profit by 73.4% to 710 million riyals, and a 30% drop in gross profit to 4.35 billion riyals, due to decreased sales volumes and weak demand. The company attributed the improvement in net losses to lower losses from non-recurring operations, particularly following the closure of a cracking unit in the United Kingdom, improved results from associate companies, and reduced financing costs. Over the first half of 2026, SABIC achieved revenues of 50.96 billion riyals, with a net loss of 820 million riyals. This was after a decline in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to 3.38 billion riyals in the second quarter, compared to 4.15 billion riyals in the first quarter, with profit margins decreasing to 13.6%.
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