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Saudi Yansab’s net profit rises 41% in Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 15/04/2016 (15:02)
Saudi Arabia’s Yanbu National Petrochemical Co (Yansab), a subsidiary of Saudi Basic Industries Corp (SABIC) posted a net profit of 401.9 million riyals ($107.2 million) in the first quarter of this year after recording a profit of 285.1 million riyals in the same period of 2015. The company’s Q1 net profit also beat analysts’ projections, which called for a profit of 310.8 million riyals.

The quarterly increase was attributed to lower feedstock prices, which supported profits despite a decline in most product sales prices. Yansab’s financial results had weakened in the face of slumping oil prices throughout the last 4 quarters before turning around in the first quarter.

Saudi producers enjoy lower energy and feedstock costs thanks to government subsidies. However, the Saudi government announced increases in fuel, water, electricity and gas feedstock prices in their newly adjusted budget. Yansab reported that these price hikes would raise its production costs by 1% in 2016.
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