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Saudi’s Yansab Misses Forecast As Q2 Net Profit Slips 8.6%

Saudi’s Yansab Misses Forecast As Q2 Net Profit Slips 8.6%

The firm made a net profit of SAR613 million ($163.5 million) in the second quarter compared with SAR670.5 million in the same period of 2013.

Saudi Arabia’s Yanbu National Petrochemical Co (Yansab) missed analysts’ estimates on Sunday as it posted a 8.6 per cent drop in second-quarter net profit, citing higher feedstock prices for the decline.

The firm, a subsidiary of Saudi Basic Industries Corp (SABIC), made a net profit of SAR613 million ($163.5 million) in the three months to June 30 compared with SAR670.5 million in the same period of 2013, a statement to the Saudi bourse said.

Eight analysts polled by Reuters had forecast an average net profit for the quarter of SAR670.7 million.

The firm cited the increase of some feedstock prices for the decline in profit, which it said overshadowed higher sale prices for most of its products and cheaper funding costs.

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