Yansab profit up; Safco net falls
Riyadh, July 14, 2013
Yanbu National Petrochemical Co (Yansab) said on Sunday its second-quarter net profit grew 3.2 percent on an annual basis to 671 million riyals ($179 million) due to lower financial charges, despite a fall in its sales.
The company, a unit of Saudi Basic Industries Corp , one of the world's largest petrochemical companies, said gross profit had fallen by 2.1 percent in the same period.
However, while sales were lower than a year ago, they were higher than in the first quarter of this year, Yansab said in a bourse statement.
Meanwhile, another Sabic unit, Saudi Arabian Fertilizer Co (Safco), said its second-quarter net profit fell 11.6 percent from a year ago, missing analysts' forecasts, as higher sales volumes were undermined by low prices.
The company said it made 693 million riyals ($185 million) in the second quarter, compared to 784 million riyals a year ago and 932 million in the first quarter.
A group of 11 analysts polled by Reuters had forecast on average that Safco would make 788 million riyals.
The company said in a bourse statement that the fall in net income over the second quarter of last year was due to low prices for the fertiliser urea, but that overall sales volumes had risen. - Reuters