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FINANCIAL NEWS
Saudi Yansab swings to profit in Q1
15 Apr 2010
(MENAFN) A statement released by Yanbu National Petrochemical Co. (Yansab) said that the company has posted its first profit in two years as it started of commercial operations and as the prices of its products improved, Reuters reported.
Yansab, an affiliate of Saudi Basic Industries Corp (SABIC) posted a net profit of $69.1 million in the first quarter from a net loss a year earlier – its first gain in at least two years.
The company, which has a total annual production capacity of 4 million tons of petrochemical products, started full commercial production last month. Quarterly operational profit reached $82.7 million.
It is worth mentioning that SABIC owns 51 percent of Yansab whose shares gained more 350 percent since it sold shares to the public in 2006.
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