SABIC expects H2 2018 to be as positive as first half

Saudi Basic Industries Corp (SABIC) expects the second half of the year to be equally positive for its earnings, chief executive Yousef Al-Benyan said at a press conference on Sunday.

The first half of 2018 was "very positive" and SABIC expects the second half of the year to be "equally positive," Reuters quoted Al-Benyan as saying.

SABIC reported a net profit of SAR 6.7 billion in the second quarter of 2018, up 81 percent year-on-year due to higher average selling prices and increase in sales volumes.

About the discussions regarding Saudi Aramco’s interest in potentially acquiring a stake in SABIC, Al-Benyan said talks are taking place solely between Aramco and the Public Investment Fund (PIF).

"Hard to expect anything in this regard -- Aramco-PIF talks are between an owner and a future investor," the CEO said. "I can assure you we have trust in our regulators."

Earlier this month, Aramco said it is in talks with the Kingdom’s sovereign wealth fund over the acquisition of a potential stake in SABIC.