Sabic said it implemented "strategic restructuring initiative" that had an impact on total cost of $290m
Saudi Basic Industries Corp, the Middle East’s biggest petrochemicals producer, posted an 81 percent increase in second-quarter profit as selling prices and sales volumes rose.
Net income rose to 6.7 billion riyals ($1.8 billion) from 3.71 billion riyals year ago, the company known as Sabic said in a statement. Revenue climbed 26 percent 43.3 billion riyals.
The company said it implemented "strategic restructuring initiative" that had an impact on total cost of 1.1 billion riyals ($290m).
Saudi Aramco said earlier this month it may buy shares in Sabic from the country’s sovereign wealth fund as the world’s biggest crude oil exporter expands its business ahead of a planned initial public offering. Aramco has no plans to acquire any publicly held shares in Sabic, it said.
Sabic shares have gained 27 percent this year, helped by MSCI Inc.’s announcement last month that it will include Saudi Arabia in its emerging-market index next year. That compares with 16 percent gain for the benchmark Tadawul All Share Index.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.