Saudi Petrochemical Firm Yansab Q3 Profits Surge 132 Percent

October 11 00:00 2011

New York, October 11 (rainbownewsline.com) – Net profits of Yanbu National Petrochemicals Co. or Yansab, surged 132 percent in the third quarter, as compared to its performance for the same period last year. The company announced Tuesday that this increase in net profit was the result of higher output, sales and prices for its products.

Yansab further revealed in a statement that net income in the same three-month period increased from 356.2 million riyals last year to 827.94 million riyals this year. The company is 51-percent owned by petrochemical giant, Saudi Basic Industries Corp.

Yansab said that the gains in net income were a result of an “increase in production and sales quantities combined with improvement in sales prices of most of the products.” It was also revealed by Yanbu, Saudi Arabia-based SABIC subsidiary that the nine-month earnings per share went up from 1.988 riyals per share in 2010 to 4.461 riyals per share in the corresponding period this year.

Saudi petrochemical manufacturers have been able to post strong profits as a result of the prevailing strong oil prices. According to the business portal Zawya.com, its shares were down 1.44 percent to 44.6 riyals.

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