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14/04/2016 05:51 AST
Saudi Arabia's Yanbu National Petrochemical Co (Yansab) reported a 41 per cent rise in first-quarter net profit on Wednesday, beating analysts' forecasts. The firm, a subsidiary of Saudi Basic Industries Corp (SABIC), made a net profit of 401.9 million riyals ($107.2 million) in the three months to March 31, up from 285.1 million riyals in the same period of 2015, it said in a bourse filing.
Five analysts polled by Reuters on average forecast Yansab would make a quarterly profit of 310.8 million riyals.
Yansab attributed the increase in profit to decreases in feedstock prices, which helped boost profit despite lower average sale prices for most products.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.
The increase came after four quarters of falling profits for Yansab. Like many petrochemical firms in the kingdom, the company's earnings have been hit hard by falling product prices, as they are closely tied to slumping oil prices.
Saudi producers have benefited from subsidised energy and feedstock costs, so lower crude prices compress their margins.
That is changing though, as the Saudi government reforms energy subsidies to help it close a substantial budget deficit.
Yansab said in February that fuel and electricity price hikes would raise its production costs by 1 per cent in 2016.
This was lower than the 6.5 per cent estimate given at the end of last year.
Gulfnews
21/07/2016
Saudi Arabia's Yanbu National Petrochemical Co. (Yansab) beat analysts' forecasts on Wednesday as its second-quarter net profit trebled due to higher production and sales. The firm, a subsidiary of
Arab News
14/01/2016
Yanbu National Petrochemicals Co. (YANSAB) posted a 36.37 percent decline in fourth-quarter net profit, it said on Thursday.
YANSAB owned by SABIC with 51% share, made a net profit of 393
GulfBase.com
09/06/2015
Saudi Arabia's Yanbu National Petrochemical Co (Yansab) has proposed a cash dividend of 1 riyal ($0.27) per share for the first half of 2015, it said in a statement on Tuesday.
The figure is
Reuters
| Ticker | Price | Change |
|---|---|---|
| SABIC | 67.10 | 0.00 (0.00 |
| MAADEN | 48.40 | -0.45 (-0.93 |
| SABICAGRINUTRIENTS | 114.60 | 0.00 (0.00 |
| MARBLEDESIGN | 83.50 | 0.00 (0.00 |
| LIMEINDUSTRIES | 12.18 | 0.38 (3.22 |
14/09/2024
RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <
Saudi Gazette
12/09/2024
Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces
Arab News
04/05/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor's (S&P) has affirmed QIB's Issuer Credit Rating at A-, Qatar's leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB's rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
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