Saudi Arabia's Yansab Q3 net profit falls 47.4% to $116.2m

15 October 2012 05:20  [Source: ICIS news]

SINGAPORE (ICIS)--Yanbu National Petrochemical Co’s (Yansab) third-quarter net profit fell by 47.4% year on year to Saudi riyal (SR) 435.7m ($116.2m) on lower selling prices for most of its products, the company said over the weekend.

The company’s operating profit was down by 43.6% year on year to SR537.1m in the July-September period of this year, while its gross profit was down by 39.7% at SR588.3m, the company said in a filing to the Saudi Stock Exchange on 13 October.

Lower production and sales volumes from the temporary shutdown of its cracker in August also weighed on earnings, it said. The cracker has a 1.3m tonne/year ethylene capacity.

For the first nine months of this year, the company’s net profit was down by 28% year on year to SR1.81bn, while its operating profit fell by 25.5% to SR2.15bn.

“The decrease in profits for the nine month period compared to the same period last year is due to lower products sales price of the products despite the increase in production and sales volumes,” the company said.

($1 = SR3.75)

By: Nurluqman Suratman

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