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Saudi’s Yansab Q4 Net Profit Rises 39.7%, Beats Forecasts

Saudi’s Yansab Q4 Net Profit Rises 39.7%, Beats Forecasts

The firm made a net profit of SAR617.8 million ($164.6 million) in the fourth quarter of 2014.

Saudi Arabia’s Yanbu National Petrochemical Co (Yansab) reported a 39.7 per cent rise in fourth-quarter net profit on Tuesday, beating analysts’ forecasts as productivity and sales increased from a year earlier.

The firm, a subsidiary of Saudi Basic Industries Corp (SABIC), made a net profit of SAR617.8 million ($164.6 million) in the three months to Dec. 31, up from SAR442.2 million in the same period of 2013, a statement to the Saudi bourse said.

Analysts polled by Reuters on average forecast Yansab would make a quarterly profit of SAR558.3 million.

The company said the profit rise was due higher production and sales compared to a year earlier when there was a temporary plant shutdown.

Yansab’s 2014 net profit was SAR2.48 billion, down from SAR2.64 billion in 2013, a drop it attributed to lower sales prices for some products as well as higher costs

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