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Saudi Yansab reports lower profit for Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 14/04/2015 (09:14)
Saudi Arabia’s Yanbu National Petrochemical Company (Yansab), a subsidiary of Saudi Basic Industries (SABIC), announced a lower net profit for the first quarter of 2015, according to media reports. Yansab’s net income slumped 48.7% from a year earlier to 285.1 million riyals ($76 million) in the January-March period. Economists’ estimates called for a 440.8 million riyals ($117.5 million) net profit in a survey by Reuters.

In spite of lower prices for some feedstocks and higher sales volumes, lower average sales prices for all products were cited as the main reason behind the drop in the company’s first-quarter income.
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