Saudi Basic Industries Corp (SABIC), one of the world's largest petrochemicals groups and the Gulf's largest listed company, reported a 7 percent increase in second-quarter net income on Sunday, matching analysts' forecasts.
It earned 6.46 billion riyals ($1.72 billion) in the quarter, compared to 6.04 billion riyals in the year-earlier period, SABIC said in a bourse statement.
SABIC's first-quarter earnings dipped 1.8 percent year-on-year, as chief executive Mohamed al-Mady complained that a lack of ample natural gas supplies within Saudi Arabia had emerged as a key constraint on growth there.