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FINANCIAL NEWS
Saudi’s Yansab Q1 revenue jumps 41 percent
14 Apr 2016
(MENAFN) Saudi Arabia’s Yanbu National Petrochemical Co. (Yansab) recorded a 41 percent increase in Q1 net profit, higher than analyst’s prediction.
Furthermore, the firm made a net profit of USD 107.2mn in the three months to Mar. 31, up from USD 75.98mn in the same period of 2015.
The increase in profit was attributed to decrease in feedstock prices, which enhanced boost profit despite lower average sale prices for most products.
Additionally, the fuel and electricity price hikes would raise its production costs by 1 percent in 2016, lower than the 6.5 percent given at the end of last year.
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