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FINANCIAL NEWS
Saudi’s Yansab profit grows to USD 183.65mn
21 Jul 2016
(MENAFN) Saudi Arabia’s Yanbu National Petrochemical Co. posted an increase in its profit at USD 183.65mn in the second quarter due to higher production and sales.
Furthermore, the firm made a net profit of USD183.8mn in the three months to June 30, up from USD 60.61mn in the same period of 2015.
The firm cited an increase in production and sales volumes for its profit, after the same quarter last year was affected by maintenance work as its facilities.
However, the firm’s earnings have been hit hard by falling product prices, like other petrochemical firms in the kingdom, as they are tied to slumping in oil prices.
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