Saudi Kayan, Yansab report weaker Q4 net profits
by ChemOrbis Editorial Team - content@chemorbis.com
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).
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).
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- March hints at further hikes in European PP, PE markets
- India’s PVC market dips to new lows on Taiwan’s March cuts, players seek signs of bottom
- Q1 turnarounds uplift Mid-East PP, PE markets in February; will it spill over to March?
- SE Asia’s indefinite PE shutdowns: A market in crisis as demand woes threaten survival
- Türkiye’s PPH markets perform better than copolymers in February
- Margin recovery priorities outweigh supply imbalances in European PVC markets
- Asian PVC demand stagnant; recovery hopes shift to end of Q1
- Tough slog in S Korea’s petchem industry spells disappointing 2024 financial results; will government's recent plan help weather the storm?
- China’s PP, PE markets face post-holiday supply surge and tepid demand
- A tug-of-war unfolds in Türkiye as PVC demand struggles against rising costs
