15 April 2013 03:05 [Source: ICIS news]
SINGAPORE (ICIS)--Yanbu National Petrochemical Co’s (Yansab) net profit slipped by 7.4% year on year to Saudi riyal (SR) 667.1m ($178m) in the first quarter of this year, weighed by lower sales, the company said over the weekend.
The company’s gross profit fell by 11.8% year on year to SR800.3m in the first quarter, while its operating profit was down by 12% at SR744.5m, Yansab said in a statement to the Saudi Stock Exchange (Tadawul).
According to Yansab, sales declined following the scheduled maintenance at its ethylene glycol (EG) unit.
Yansab shut its EG unit to carry out periodic maintenance and technical repairs from 25 November last year to 25 January 2013.
However, an “improvement in the sales price of most products and lower finance charges has reduced the impact [of the turnaround]”, the company said.
Saudi Arabia’s petrochemical giant SABIC owns 51% of Yansab, which has a 1.3m tonne/year cracker in Yanbu and operates other downstream units that produce ethylene oxide (EO), polyethylene (PE), polypropylene (PP) and aromatics at the site.
($1 = SR3.75)
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