Riyadh - Mubasher: Yanbu National Petrochemicals (Yansab) reported net profits of SAR 602.85 million ($160.76 million) in the fourth quarter of 2016, compared to SAR 393.06 million ($104.8 million) in the same quarter in the previous year.
Profits increased by 53.37% year-on-year, and declined by 0.77% quarter-on-quarter, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
The growth in profit is attributable to the rise in the average selling prices for some of the products and the reduction in slow movement spare parts provision, despite the increase in some of feedstock materials prices, the statement indicated.
There was also an increase in Murabaha investment return and decrease in financial charges, it added.
As for the annual financial results, the company’s profits increased by 90.64% to SAR 2.3 billion in 2016, compared to SAR 1.2 billion in 2015.
