Saudi Arabia's Yansab Q4 net profit falls 31% on complex shutdown

13 January 2014 10:22  [Source: ICIS news]

Saudi ArabiaSINGAPORE (ICIS)--Saudi Arabia's Yanbu National Petrochemical Co (Yansab) said on Monday its fourth-quarter 2013 net income fell by 31% year on year to Saudi riyal (SR) 442.2m ($118m), citing the forced shutdown of its production complex.

The company’s gross profit in October-December 2013 fell by 25.3% to SR589.6m, while its operating profit was down by 26.5% at SR535.3m, the company said in a bourse filing.

“The decrease in net profit is attributable to lower production and sales volume due to complex shutdown,” it added.

The company, a subsidiary of chemicals major SABIC, was forced to shut its complex on 23 October last year because of a technical failure at the complex’s water cooling network.

For the full year of 2013, the company’s net profit rose by 8.1% year on year to SR2.64bn, while operating profit was up 4.09% at SR2.99bn.

($1 = SR3.75)

By: Nurluqman Suratman

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