11 July 2011 10:30 [Source: ICIS news]
SINGAPORE (ICIS)--Yanbu National Petrochemical Co (Yansab) said on Monday its net profit surged by 91.8% year on year to Saudi riyal (SR) 963.7m ($257m) in the second quarter on the back of higher sales prices and production.
The company’s operating profit for the second quarter increased by 81.8% year on year to SR1.08bn, Yansab said in a statement posted on its website.
The profits compared with the same quarter last year have improved because of "increase in production and sales quantities combined with improvement in sales prices of most of the products,” the statement said.
For the six-month period ending 30 June 2011, the company’s net profit more than doubled to SR1.68bn, versus SR761.8m in the same period last year, the company said.
Yansab’s operating profit for the first half of 2011 also more than doubled to SR1.93bn compared with SR906.4m in the corresponding period a year earlier, it added.
Yansab, a joint-stock company, is 51% owned by petrochemical giant Saudi Basic Industries Corp (SABIC).
($1 = SR3.75)
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