Saudi Arabia's Yansab Q4 net profit falls 3.6% to $170.9m

14 January 2013 03:11  [Source: ICIS news]

A Yanbu National Petrochemical Company (Yansab) facilitySINGAPORE (ICIS)--Yanbu National Petrochemical Co’s (Yansab) fourth-quarter 2012 net profit fell by 3.6% year on year to Saudi riyal (SR) 640.8m ($170.9m), as earnings in the same period in 2011 were augmented by insurance claims settlement, the company said over the weekend.

Its operating income for October-December 2012 fell by 0.9% year on year to SR727.9m, it said in a filing to the Saudi Stock Exchange on 13 December.

For the whole of 2012, Yansab’s net profit fell by 23% year on year to SR2.45bn, while its operating income was down by 21% at SR2.88bn, the company said.

Yansab said that prices of most of its products fell last year, while higher volumes sold helped minimise the overall decline in earnings.

($1 = SR3.75)

By: Nurluqman Suratman

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