Saudi’s Yansab Q1 net profit drops 16.7% on weaker product prices

14 April 2014 09:51  [Source: ICIS news]

KARACHI (ICIS)--Saudi Arabia's Yanbu National Petrochemical Co (Yansab) on Monday said its first quarter (Q1) 2014 net income fell by 16.7% year on year to Saudi riyal (SR) 555.7m ($148.2m), mostly due to lower prices for some of its products.

The company’s gross profit in the first three months of the year fell by 11.48% to SR708.4m, while its operating profit was down by 13.3% at SR645.4m, the company said in a statement to the Saudi bourse.

Yansab said its profit also declined due to higher costs of sales and maintenance costs, apart from weaker prices of its products.

"The decrease in net profit is attributable to lower sales prices of certain products and increase of cost of sales due to higher sales volume and turnaround maintenance cost,” it said.

“There was an increase in zakat (Islamic Tax) provision also,” it added.

Yansab is 51%-owned by Saudi petrochemical giant SABIC.

($1 = SR3.75)

By: Aamir Ashraf

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