Monday, Jul 11, 2011
DUBAI (Zawya Dow Jones)--Yanbu National Petrochemical Co. (2290.SA), or Yansab, said Monday its second-quarter net profit nearly doubled to 964 million Saudi riyals ($257 million) from SAR502.35 million in the same period last year, beating all analyst forecasts.
The affiliate of the kingdom's petrochemical giant Saudi Basic Industries Corp. (2010.SA), or Sabic, attributed the strong increase to higher production and sales volumes coupled with stronger prices in most of its products.
Yansab's profit was also 34% more than the SAR718 million it recorded in the first quarter of this year, it said in a statement posted on the website of the Saudi bourse.
The company said its earnings per share for the first half of 2011 were SAR2.99, compared to SAR1.35 for the same period last year.
An average consensus of five analysts forecast Yansab's net profit in the second quarter would be SAR734 million. Al Rajhi Capital predicted SAR759 million; Bahrain-based Securities and Investment Corp., or SICO, and Cairo-based EFG Hermes both pencilled in SAR674 million; Riyadh-based NCB Capital forecast SAR765 million; and Credit Suisse foresaw SAR799 million.
-By Angus McDowall of Dow Jones; +971-4-446-1685, angus.mcdowall@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
11-07-11 0632GMT
