Riyadh – Mubasher: Yanbu National Petrochemicals (Yansab) posted a net profit of SAR 607.6 million ($162 million) for the third quarter of 2016, up 101.4% from SAR 301.7 million ($80.45 million) in the year-ago period.
However, profits were down 11.85% on a quarter-on-quarter basis, according to a filing to the Saudi Stock Exchange (Tadawul) on Thursday.
Yansab attributed the year-on-year profit surge to increased sales and lower cost of sales owing to a decline in feedstock prices.
The rise occurred despite a drop in average selling prices for most products, the company added.
As for the nine-month period ended 30 September 2016, the petrochemical company reported a profit growth of 108.65% year-on-year to SAR 1.7 billion, from SAR 814.2 million.
Yansab previously posted a net profit of SAR 689.3 million in Q2-16, registering a surge of 203% from SAR 227.4 million in Q2-15.
