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Saudi Kayan and Yansab report weaker financial results for Q3

by ChemOrbis Editorial Team - content@chemorbis.com
  • 15/10/2015 (17:03)
According to media reports, Saudi Kayan Petrochemicals, an affiliate of Saudi Basic Industries Corporation (SABIC), posted a net loss of 13.8 million riyals ($3.7 million) in the third quarter of this year after recording a profit of 66.9 million riyals ($17.8) in the same period of 2014. The quarterly loss was attributed to lower production, sales volumes as well as weak sales prices.

Meanwhile, Yanbu National Petrochemical Co (Yansab), a subsidiary of SABIC, also reported weaker financial results for the third quarter of this year despite lower feedstocks costs and a decrease in financial charges. The company cited lower average sales prices for all products as the main reason behind their quarterly weaker financial results in the three months ending in September.

Yansab’s net profit slumped 56.4% to 301.7 million riyals ($80.5 million), weaker than analysts’ expectations which called for a 389.3 million riyals ($103.8 million) quarterly profit in a survey by Reuters. In the same period of last year, the company’s net profit was reported at 691.3 million riyals ($184.3 million).
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