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Saudi Yansab reports stronger financial results for Q4

by ChemOrbis Editorial Team -
  • 14/01/2015 (11:47)
According to media reports, Saudi Arabia’s Yanbu National (Yansab), a subsidiary of Saudi Basic Industries (SABIC), posted stronger financial results in the fourth quarter of 2014. The company’s net profit rose 39.7% year over year to 617.8 million riyals ($164.6 million) in the fourth quarter owing to higher production and stronger sales. In the same period of 2013, when the company had a month-long shutdown at its facility, Yansab’s net profit was reported at 442.2 million riyals.

However, the company’s net income declined to 2.48 billion riyals ($661 million) for the full year of 2014 from a net income of 2.64 billion riyals ($703 million) in 2013. The company attributed the yearly decrease in its net income to higher costs and lower sales prices when compared to the previous year.
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