Yansab Q1 net profit drops 16.7pc
Riyadh, April 14, 2014
Saudi Arabia's Yanbu National Petrochemical Co (Yansab) missed the average forecast of analysts as it posted a 16.7 percent decline in first-quarter net profit on Monday, citing lower prices for some of its products.
The firm, a subsidiary of Saudi Basic Industries Corp (Sabic), made a net profit of 555.7 million riyals ($148.2 million) in the opening three months of the year, compared with 667.1 million riyals in the same period of 2013, a statement to the Saudi bourse said.
Seven analysts polled by Reuters had forecast an average net profit for the quarter of 773.7 million riyals.
As well as lower prices, Yansab said the profit fall was due to higher sales and maintenance costs.
On Sunday, fellow Sabic unit Saudi Arabia Fertilizers Co beat estimates but still saw its first-quarter net profit dip 9.6 percent. Safco also cited lower product prices for its lower earnings. - Reuters