MOSCOW (MRC) - Saudi Arabia's Yanbu National Petrochemical Co (Yansab) reported a 56.4 percent plunge in third-quarter net profit, worse than analysts' forecasts, said Reuters.
The subsidiary of Saudi Basic Industries Corp (SABIC) made a net profit of 301.7 million riyals (USD80.5 million) in the three months to Sept. 30, down from 691.3 million riyals in the year-earlier period, it said in a bourse filing.
Five analysts polled by Reuters had produced an average forecast of 389.3 million riyals in quarterly profit.
Yansab blamed lower average sales prices for all products for the lower quarterly profit, which came despite cheaper feedstock and lower financial charges. It also had an increase in zakat provisions.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.
As MRC informed earlier, Yanbu National Petrochemical Co (Yansab) reported a 63% fall in second-quarter net profit but beat analysts' forecasts slightly. The firm, a subsidiary of Saudi Basic Industries Corp (SABIC), made a net profit of 227.4 million riyals (USD60.6 million) in the three months to June, down from 613 million riyals in the same period of 2014, a statement to the Saudi bourse said.
Yansab is the most recent SABIC, (Saudi Basic Industries Corp), affiliate in Saudi Arabia, and will be the largest Sabic petrochemical complex. It will have an annual capacity exceeding 4 million metric tons (MT) of petrochemical products including: 1.3 million MT (metric-tons) of ethylene; 400,000 MT of propylene; 900,000 MT of polyethylene; 400,000 MT of polypropylene; 700,000 MT of ethylene glycol; 250,000 MT of benzene, xylene and toluene, and 100,000 MT of butene-1 and butene-2.
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