Saudi’s Yansab Q3 net profit more than doubles on higher prices

11 October 2011 10:33  [Source: ICIS news]

A Yanbu National Petrochemical Company (Yansab) facilitySINGAPORE (ICIS)--Saudi Arabia’s Yanbu National Petrochemicals Co (Yansab) said on Tuesday its net income more than doubled to Saudi riyal (SR) 827.9m ($220.8m) in the third quarter of this year compared with SR356.2 in the same period a year earlier as most product prices rose.

Yansab’s operating profit more than doubled to SR952.8m in the third quarter compared with SR468.7m in the same period a year earlier, the company said in a statement posted on Saudi bourse, Tadawul.

“The increase in profits for the third quarter of 2011 compared with the same quarter last year is [because of an] increase in production and sales quantities combined with an improvement in the sales prices of most of the products,” the company said.

For the first nine months of this year, the company’s net profit more than doubled to SR2.51bn compared with SR1.18bn for the same period last year, the statement said.

In addition, Yansab’s operating profit for the nine-month period ended 30 September more than doubled to SR2.88bn compared with SR1.38bn in the corresponding period a year earlier, the company added.

Yansab, a joint-stock company, is 51% owned by petrochemical giant Saudi Basic Industries Corp (SABIC).

($1 = SR3.75)

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By: Nurluqman Suratman

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