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14/04/2016 05:51 AST
Saudi Arabia's Yanbu National Petrochemical Co (Yansab) reported a 41 per cent rise in first-quarter net profit on Wednesday, beating analysts' forecasts. The firm, a subsidiary of Saudi Basic Industries Corp (SABIC), made a net profit of 401.9 million riyals ($107.2 million) in the three months to March 31, up from 285.1 million riyals in the same period of 2015, it said in a bourse filing.
Five analysts polled by Reuters on average forecast Yansab would make a quarterly profit of 310.8 million riyals.
Yansab attributed the increase in profit to decreases in feedstock prices, which helped boost profit despite lower average sale prices for most products.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.
The increase came after four quarters of falling profits for Yansab. Like many petrochemical firms in the kingdom, the company's earnings have been hit hard by falling product prices, as they are closely tied to slumping oil prices.
Saudi producers have benefited from subsidised energy and feedstock costs, so lower crude prices compress their margins.
That is changing though, as the Saudi government reforms energy subsidies to help it close a substantial budget deficit.
Yansab said in February that fuel and electricity price hikes would raise its production costs by 1 per cent in 2016.
This was lower than the 6.5 per cent estimate given at the end of last year.
Gulfnews
21/07/2016
Saudi Arabia's Yanbu National Petrochemical Co. (Yansab) beat analysts' forecasts on Wednesday as its second-quarter net profit trebled due to higher production and sales. The firm, a subsidiary of
Arab News
14/01/2016
Yanbu National Petrochemicals Co. (YANSAB) posted a 36.37 percent decline in fourth-quarter net profit, it said on Thursday.
YANSAB owned by SABIC with 51% share, made a net profit of 393
GulfBase.com
09/06/2015
Saudi Arabia's Yanbu National Petrochemical Co (Yansab) has proposed a cash dividend of 1 riyal ($0.27) per share for the first half of 2015, it said in a statement on Tuesday.
The figure is
Reuters
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| MAADEN | 59.55 | 0.00 (0.00 |
| SABIC | 54.95 | 0.00 (0.00 |
| SABICAGRINUTRIENTS | 116.00 | 1.00 (0.86 |
| LUBEREF | 94.70 | 0.75 (0.79 |
| ALBH | 1.08 | 0.00 (0.00 |
06/02/2026
Over three days at the Kuwait Oil & Gas Show and Conference (KOGS 2026), National Bank of Kuwait took part in dynamic networking activities, expert-led discussions, and targeted knowledge-sharing eng
Kuwait Times
06/02/2026
AD Ports Group, a leading global enabler of integrated trade, industry and logistics solutions, on Thursday signed a 30-year concession agreement with Aqaba Development Corporation (ADC) to manage an
Trade Arabia
06/02/2026
NMDC Group, a global leader in engineering, procurement, construction and marine dredging, today announced a strong set of financial results for 2025, reporting revenues of AED28.8 billion ($7.84 bil
Trade Arabia
05/02/2026
Invest Qatar, the Investment Promotion Agency of Qatar, and Doha Bank have announced a strategic partnership aimed at further enhancing the ease of doing business for foreign investors entering the Q
Gulf Times
05/02/2026
In celebration of Kuwait's national holidays, in which the country commemorates its beautiful history and achievements, National Bank of Kuwait announced a limited-edition issuance of KWD Visa Prepai
Kuwait Times
Financial Information Co.
Saudi Arabia