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FINANCIAL NEWS
Saudi Yansab profit falls 16.7 percent in Q1
15 Apr 2014
(MENAFN) Net profit of Saudi Arabia’s Yanbu National Petrochemical Co. (Yansab) was 16.7 percent lower than expected in the first quarter of the current year compared to the same period in 2013, according to Arab News.
Yansab net profit totaled USD148.2 million in the three-month period compared to USD177.8 million in the first quarter of 2013.
Seven analysts polled by Reuters had forecast an average net profit for the quarter of USD206.27 million.
The company claimed that the lower prices for some of its products were the reason behind profit’s fall.
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