Saudi Arabia's YANSAB Q2 2013 net profit up 3.2% at $179m

15 July 2013 03:19  [Source: ICIS news]

Profit risesSINGAPORE (ICIS)--Saudi Arabia’s Yanbu National Petrochemical Co (YANSAB) said over the weekend of 13-14 July its second-quarter net profit rose by 3.22% year on year to Saudi riyal (SR) 670.5m ($179m) on the back of lower financial charges.

Net profit had risen, despite a decline in the quantities sold during the second quarter, YANSAB said in a filing to the Saudi Stock Exchange on 14 July.

The company’s operating income for April-June this year slipped by 1.14% year on year to SR756.2m, while its gross profit was down by 2.16% at SR807.1m.

For the first six months of this year, the company’s net profit fell by 2.36% year on year to 1.34bn, while its operating profit was down by 6.82% at SR1.5bn, YANSAB said.

“The decrease is due to lower [output] produced and sold quantities. However, the increase of prices for some products and lower financial charges reduced the impact,” the company added.

($1 = SR3.75)

By: Nurluqman Suratman

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