Sadara Chemical swings to net profit of SAR 2.224 bln in H1 2021

Sadara Chemical Company, the parent company of Sadara Basic Services Co., swung to a net profit after Zakat and tax of SAR 2.224 billion in the first half of 2021, compared to a loss of SAR 2.681 billion a year earlier. 

The company attributed the year-on-year (YoY) improvement in net profit to higher selling prices, continuous financial discipline, and the recognition of a modification gain of SAR 1.05 billion from debt reprofiling. 

In Q2 2021, Sadara reported a net profit after Zakat and tax of SAR 606 million against a net loss of SAR 1.405 billion in the year-ago period.