RIYADH: Saudi Basic Industries Corp.’s shares closed higher on Tuesday, after reporting an earnings rise for the second quarter of 2022.
SABIC, as the chemical giant is known, reported a 4 percent jump in profits to SR7.93 billion ($2.1 billion) from SR7.6 billion in the same period a year earlier.
It beat analysts’ expectations of a 23 percent profit decline to SR5.9 billion, Argaam data showed.
Read More: Chemical giant SABIC’s Q2 earnings beat estimates as profit soars to $2.1bn
In response to the solid results, SABIC’s stock gained 1.6 percent to exit the session at SR102.8, amid a trading volume of 3.4 million shares.
Earlier in the day, its shares traded slightly higher at SR103.2.
