Energy Sabic keeps capex at $5bn in 2024 as quarterly profit rises By Pramod Kumar August 2, 2024, 4:19 AM Sabic Net profit rose 32% year on year to SAR2.4 billion in the first half of 2024, driven by high sales Petrochemicals major Saudi Basic Industries Corporation (Sabic) will maintain capital expenditure between $4 billion and $5 billion for 2024 after its quarterly profits surged. Net profit rose 32 percent year on year to SAR2.4 billion ($640 million) in the first half of 2024, driven by higher sales volume. NewsletterGet the Best of AGBI delivered straight to your inbox every week Net income for the second quarter of 2024 rose 85 percent year on year to SAR1.2 billion ($320 million). Revenue for the same period increased 9 percent yearly to SAR35.7 billion. However revenue fell 3 percent year on year to SAR68 billion in the first six months. Gross profit was up 23 percent quarter on quarter to SAR 7.2 billion due to an 11 percent rise in sales. The Americas reported a jump in sales, while Europe saw a decline. China, the Middle East, and the rest of Asia remained stable. Sabic to commence $6.4bn project in China in 2024 Sabic CEO warns of ‘difficult’ 2024 for chemicals industry Sabic to pay $1.4bn dividend despite profit drop In May Sabic, which is 70 percent owned by Saudi Aramco, announced it would pay an interim dividend of SAR1.7 per share for the first half of 2024. Global trade showed signs of recovery, driven by higher exports, inventory restocking and increased financial activities, said CEO Abdulrahman Al-Fageeh. As inflationary pressures ease some central banks have begun reducing interest rates, potentially providing additional stimulus to the global economy, he added.
