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Yansab doubles Q3 net profit to $221m

Riyadh, October 11, 2011

Saudi's Yanbu National Petrochemicals Company's (Yansab) net profit more than doubled in the third quarter but still missed analyst expectations.

Yansab made a net profit of 827.9 million riyals ($221 million) in the third quarter compared with a net profit of 365.2 million riyals in the same period a year earlier. 

Six analysts surveyed by Reuters expected the firm to post an average of 924.8 million riyals for the third quarter.

Meanwhile, Saudi Arabian Mining Co (Maaden) swung to a net profit of 27.4 million riyals ($7.3 million) in the third-quarter.

Maaden made a net profit of 27.4 million riyals in the third quarter, compared with a loss of 0.2 million riyals in the same period a year earlier. 

Two analysts surveyed by Reuters on average expected the firm to post a net profit between 88 million to 90 million riyals for the third quarter. -Reuters




Tags: Saudi Arabia | petrochemical | Yansab | Maaden |

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