YANSAB Q4 net profit declined by 36 percent

14/01/2016 16:26 AST

Yanbu National Petrochemicals Co. (YANSAB) posted a 36.37 percent decline in fourth-quarter net profit, it said on Thursday.

YANSAB owned by SABIC with 51% share, made a net profit of 393.1 million riyals in the three months to December 31, compared to 617.8 million riyals in the same period of 2014, it said in a bourse statement.

The decrease in net profit is attributable to lower average sales prices for all of the products, despite higher sales volume and decrease in prices of some feedstock materials.

Its net profit for 12 months of 2015 was 1.2 billion riyals, reflecting a decrease of 51.25 percent on the previous year of 2.5 billion riyals.

The decrease in net profit of year 2015 is attributable to lower production and sales volume resulted from turnaround activities during 2nd Q of 2015 as announced in Tadawul on 31st May 2015 and due to lower average sales prices for all of the products despite the decrease in price of some feedstock materials.

Yearly total operating income decreased by 45.82 percent and reached 1.5 billion riyals compared to 2.8 billion riyals of 2014.

GulfBase.com