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Saudi Yansab’s net profit triples in Q2

by ChemOrbis Editorial Team -
  • 21/07/2016 (11:25)
Saudi Arabia’s Yanbu National Petrochemical Co (Yansab), a subsidiary of Saudi Basic Industries Corp (SABIC) posted a net profit of 689.3 million riyals ($183.8 million) in the second quarter of this year, which is three times more than a net profit of 227.4 million riyals in the same period of 2015. The company’s Q2 net profit also beat analysts’ projections, which called for a profit of 446.2 million riyals.

The surge was attributed to higher production and sales. In the same period of 2015, the company had experienced maintenance works at its facilities. In addition, Yansab enjoyed a decrease in some feedstock prices, although the average sales price for the majority of its products has weakened.
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