RIYADH, SAUDI ARABIA (July 19, 1:30 p.m. ET) — Saudi Basic Industries Corp. has reported record sales for its second quarter due to rising exports and crude oil trading at a two-year high amid rising demand from Asia.
According to Chief Financial Officer Mutlaq Al-Morished, the company had income of 49 billion riyals ($13.07 billion), beating market expectations.
Net profit rose 61 percent to a record 8.1 billion riyals ($2.16 billion) from a year earlier.
However, CEO Mohamed Al-Mady admitted that maintaining this level of activity might prove hard work.
“What keeps me awake at night is keeping the successes we have,” Al-Mady told Reuters. “How long can we sustain this? It is challenging.”