JEDDAH: Saudi Arabia’s Yanbu National Petrochemical Co. (Yansab) has reported a 56.4 percent plunge in third-quarter net profit.

The subsidiary of Saudi Basic Industries Corp. (SABIC)made a net profit of SR301.7 million ($80.5 million) in the three months to Sept. 30, down from SR691.3 million in the year-earlier period.

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.