- RIYADH: Saudi-based Yanbu National Petrochemical Co’s (Yansab) first-quarter net profit more than doubled due to higher product prices, beating analysts’ forecasts.
The unit of Saudi Basic Industries Corp (SABIC) made a net profit of SR717.85 million ($191.4 million) in the first-quarter, compared with SR259 million in the same period a year earlier, the firm said in a bourse statement.
Analysts surveyed by Reuters expected the firm to post an average net profit of SR625.35 million.
Gross profit during the quarter increased by 17 percent to SR891.46 million, while operating profit soared to SR838.06 million from SR310.39 million in the same period last year, the statement said.
Yanbu started commercial operations in March last year.
Higher selling prices also boosted earnings for Saudi Arabian Fertilizers, the firm reported.