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Saudi Kayan, Yansab report weaker Q4 net profits

by ChemOrbis Editorial Team -
  • 15/01/2016 (11:07)
According to media reports, Saudi Kayan Petrochemicals, an affiliate of Saudi Basic Industries Corporation (SABIC), posted a net loss of 624.14 million riyals ($166.3 million) in the fourth quarter of 2015 after recording a profit of 11.78 million riyals ($3.1 million) in the same period of 2014.

Meanwhile, Yanbu National Petrochemical Co (Yansab), another subsidiary of SABIC, also reported weaker financial results for the fourth quarter of 2015, citing lower average sales prices for all products as the main reason behind their weaker profits in spite of higher sales volumes.

Yansab’s net profit slumped 36.4% to 393.1 million riyals ($104.9 million), beating analysts’ expectations which called for a 345.8 million riyals ($92.2 million) quarterly profit in a survey by Reuters. In the same period of 2014, the company’s net profit was reported at 617.8 million riyals ($164.7 million).
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