Saudi YANSAB Q3 net profit almost doubles on improved sales

KARACHI (ICIS)–Saudi Arabia’s Yanbu National Petrochemical Co (YANSAB) on Tuesday posted a third-quarter net profit of Saudi riyal (SR) 864.8m ($231m), up by 98.5% year on year, as it increased its production and sold more products at higher prices.

YANSAB’s net profit was at SR435.7m during the same period in 2012.

The company’s gross profit rose by 74.7% to SR1.03bn while its operating profit surged by 78.2% to SR957.2m, the company said in a statement issued to Saudi stock exchange.

The nine-month net profit also increased 22.0% to SR2.20bn.

In a brief statement, the petrochemical producer attributed the increase in its third-quarter profit to an increase in production and sales volumes, as well as improvement in sales prices of most products and lower financial charges.

It also attributed the rise in the nine-month earnings to the improvement in sales prices of most products and lower financial charges.

The company is a unit of Saudi Basic Industries Corp, one of the world’s largest petrochemical companies.

($1 = SR3.75)