Yanbu National Petrochemical Company (Yansab) has announced in its interim financial results for the first quarter of 2013 that its net income was SR 667.07 million compared to SR 720.27 million for the same quarter last year with a decrease of 7.4 percent, and compared to SR 640.77 million for the previous quarter with an increase of 4.1 percent.

The gross profit for Q1, 2013 was SR 800.29 million compared to SR 906.99 million for the same quarter last year with a decrease of 11.8 percent.

The operating income for Q1, 2013 was SR 744.45 million compared to SR 845.49 million for the same quarter last year with a decrease of 12.0 percent.

The earning per share for the three months period ended March 31, 2013 was SR 1.186 compared to SR 1.280 for the same period last year.

The decrease in the current quarter compared to the same quarter last year is due to decrease in produced and sold quantities as a result of the shutdown of ethylene glycol unit to carry out the periodic maintenance and some technical repairs from Nov.25, 2012 till Jan.25 2013 as announced in Tadawul. The improvement in the sales price of most products and lower finance charges has reduced the impact.

The increase in the current quarter compared to previous quarter is due to improvement in sales price of most products and lower finance charges despite lower sold quantities.