Yansab Q2 profit doubles to $257m
Riyadh, July 11, 2011
Saudi-based Yanbu National Petrochemical Company's (Yansab) quarterly profit nearly doubled due to higher product prices and sales, it said on Monday.
Yansab, a unit of Saudi Basic Industries Corp (Sabic), had second-quarter net profit of 963.67 million riyals ($257 million), up from 502.38 million riyals in the prior-year period.
The results topped analysts average forecasts for profit of 731.33 million riyals, according to a Reuters poll.
Operating profit jumped 82 percent to 1.08 billion riyals in the second quarter, Yansab said, adding profits increased from the previous quarter due to the rise in sales.
Yansab made a first quarter net profit of 717.85 million riyals, according to a statement on the Saudi bourse.
Yansab started commercial operations in March last year. Brokerage Nomura said last month it expected Middle East petrochemical firms to see another quarter of strong earnings growth due to the continued rise in chemcial prices combined with increased plant utilisations.
Saudi Arabian Fertilizers Company on Sunday reported a 13-percent-drop in second quarter earnings. - Reuters