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Saudi SABIC and Yansab report financial results for Q1

by ChemOrbis Editorial Team -
  • 03/05/2017 (14:24)
According to media reports, Saudi Basic Industries Corp (SABIC) and Yansab reported their financial results for Q1 of 2017.

Saudi SABIC posted a net profit of SAR5.24 billion ($1.40 billion) in Q1 of 2017, up 80% from a year earlier. The company had posted a net profit of SAR2.91 billion ($775 million) in the same period of last year.

The rise in the company’s profit was attributed to oil prices as well as the global economic growth since its products are used globally in construction, agriculture, industry and consumer goods manufacturing.

Similarly, Saudi Yansab’s net profit in Q1 of 2017 was up by 44% on a yearly basis to reach SAR608 million ($162 million) from SAR421.7 million ($112.5 million) from the same period of last year. The increase in the company’s quarterly profit was driven by a rise in the sales prices for its products as well as higher sales volume although the prices of feedstocks increased.
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