Yansab's profit rises to SR689m in 2nd quarter

21/07/2016 05:13 AST

Saudi Arabia's Yanbu National Petrochemical Co. (Yansab) beat analysts' forecasts on Wednesday as its second-quarter net profit trebled due to higher production and sales. The firm, a subsidiary of Saudi Basic Industries Corp. (SABIC), made a net profit of SR689.3 million ($183.8 million) in the three months to June 30, up from SR227.4 million in the same period of 2015, it said in a bourse filing.

Five analysts polled by Reuters on average forecast Yansab would make a quarterly profit of SR446.2 million.

Yansab cited a rise in production and sales volumes for the increase in profit, after the same quarter last year was impacted by maintenance work at its facilities. It also benefited this year from a decrease in some feedstock prices, although the average sales price for the majority of its products was lower.

The company's earnings have been hit hard by falling product prices, like many petrochemical firms in the Kingdom, as they are closely tied to slumping oil prices.


Arab News

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