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Saudi’s Yansab Q3 Net Profit Falls 20% As Sales Drop

Saudi’s Yansab Q3 Net Profit Falls 20% As Sales Drop

The firm made a net profit of SAR691.3 million ($184 million) in the third quarter, down from SAR864.8 million in the same period of 2013, a statement to the Saudi bourse said.

Saudi Arabia’s Yanbu National Petrochemical Co (Yansab) reported a 20.1 per cent drop in third-quarter net profit on Monday, in line with analysts’ estimates, as sales volumes declined.

The firm, a subsidiary of Saudi Basic Industries Corp (SABIC), made a net profit of SAR691.3 million ($184 million) in the three months to Sept. 30, down from SAR864.8 million in the same period of 2013, a statement to the Saudi bourse said.

It was the company’s fourth straight quarterly profit decline, Reuters data showed.

Nine analysts polled by Reuters on average had forecast Yansab’s quarterly profit would be SAR699.2 million.

The firm blamed lower sales volumes for the profit drop.

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