Petrochemicals giant SABIC reports 85 per cent second-quarter profit surge

Saudi Basic Industries Corp (SABIC) (2010.SE), one of the world’s biggest petrochemicals companies, reported a close to 85 per cent jump in second-quarter net profit on Thursday, helped by higher margins and accounting changes.

SABIC reported net profit of 2.18 billion riyals ($581.04 million) for the three months to June 30, beating analyst expectations of 904.25 million riyals, LSEG data showed.

Along with improved margins, SABIC said profit was higher partly due to non-cash...