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Saudi’s Yansab Q1 Net Profit Drops 16.7% On Lower Prices

Saudi’s Yansab Q1 Net Profit Drops 16.7% On Lower Prices

Yansab said the profit fall was due to lower prices and higher sales and maintenance costs.

Saudi Arabia’s Yanbu National Petrochemical Co (Yansab) missed the average forecast of analysts as it posted a 16.7 per cent 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 SAR555.7 million ($148.2 million) in the opening three months of the year, compared with SAR667.1 million 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 SAR773.7 million.

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 per cent. SAFCO also cited lower product prices for its lower earnings.

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