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Yanbu National Petrochemicals

Source: NCB Capital

Strong 2Q11 earnings on higher volumes

Yansab reported its 2Q11 preliminary results on 11 July 2011, before market hours. Net income for the quarter came in at SR964mn, beating our estimate of SRSR765mn. Net income was up 92% YoY due to increased volumes and selling prices, while QoQ growth of 34% in net income was mainly driven by higher volumes. We believe higher than expected operating rates was the key reason behind the deviation from our estimates.

2Q11 net income beat our expectations: Yansab reported a 2Q11 net income of SR964mn compared to our estimate of SR765mn which can be attributed to higher than expected operating rates. We believe Yansab’s average operating rate was 95% in 2Q11, higher than our assumption of 85%. The 2Q11 net income indicates a YoY growth of 92% benefiting from higher production and sales volumes along with increased petrochemical product prices. On a QoQ basis, Yansab’s net income was up 34% due to increased production and sales volumes.

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