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Saudi Yansab and Kayan announce financial results for Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 18/07/2017 (17:16)
According to media reports, Yanbu National Petrochemical Co (Yansab) and Saudi Kayan Petrochemicals, affiliates of Saudi Basic Industries Corp. (SABIC), reported their financial results for the second quarter of 2017.

Yansab posted a net profit of 345.7 million riyals ($92 million) in April-June period. In the same period of last year, the company saw a net profit of 747.3 million riyals ($199 million), implying a yearly decrease of about 54%. This decrease was mainly driven by weaker sales operations due to the shutdowns.

Meanwhile, Saudi Kayan Petrochemical Co. posted a net profit of 242 million riyals ($64 million) in the second quarter of 2017 from 97.3 million riyals ($26 million) recorded in the same period of last year. Economists’ expectations were calling for a net profit of 212 million riyals ($56 million).
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