Saudi’s Yansab Q3 net profit falls 20 pct as sales drop
The firm is a subsidiary of Saudi Basic Industries Corp
DUBAI: Saudi Arabia’s Yanbu National Petrochemical Co (Yansab) reported a 20.1 per cent drop in third-quarter net profit on Monday, in line with analysts’ estimates, as sales volumes declined.
The firm, a subsidiary of Saudi Basic Industries Corp (SABIC), made a net profit of 691.3 million riyals (Dh675 million) in the three months to September 30, down from 864.8 million riyals in the same period of 2013, a statement to the Saudi bourse said.
It was the company’s fourth straight quarterly profit decline, Reuters data showed.
Nine analysts polled by Reuters on average had forecast Yansab’s quarterly profit would be 699.2 million riyals.
The firm blamed lower sales volumes for the profit drop.
