Saudi Basic Industries Corporation (SABIC), the kingdom’s Petrochemicals giant, expected to continue its strong performance in H2 2021, encouraged by the $2 billion profit in Q2, the energy demands and the rising oil prices, Reuters reported.
“Average selling prices rose by more than 10% backed by oil price increases and healthier demand. We expect the second half of 2021 to be similar to the first half,” Yousef al-Benyan, SABIC’s CEO, noted in a virtual news conference.
In Q2 2021, the company’s sales increased by 72.3% reaching around $11.3 billion, compared to approximately $6.6 billion a year earlier.
SABIC is the fourth largest petrochemical company across the world in terms of sales, and it is 70% owned by Saudi Aramco.