Tuesday, Oct 11, 2011
RIYADH (Zawya Dow Jones)--Yanbu National Petrochemical Co. (2290.SA), or Yansab, said Tuesday its third-quarter net profit surged to 827.9 million Saudi riyals ($220.8 million) from SAR356.2 million in the same period last year, due to higher sales and output.
Riyadh-based NCB Capital had expected the affiliate of the kingdom's petrochemical giant Saudi Basic Industries Corp. (2010.SA) to post a third-quarter net profit of SAR1.02 billion, while analysts at investment bank Credit Suisse had penciled in SAR801.8 million.
Yansab said in a statement posted on the Saudi bourse website that profit rose on better sale prices for most of its products as well as the commencement of its commercial operations in March last year.
Earnings per share for the first nine months of 2011 stood at SAR4.461, compared with SAR1.988 for the same period last year. Third-quarter operating profit stood at SAR952.8 million versus SAR468.7 million a year ago.
The ethylene producer was the second Sabic affiliate to report this quarter after Saudi Arabia Fertilizers Co., or Safco, said Sunday that its third-quarter net profit doubled year on year to SAR1.21 billion, beating most analyst expectations, on the back of higher product prices.
Yansab shares finished trading 1.11% higher Monday at SAR45.50.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
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(END) Dow Jones Newswires
11-10-11 0701GMT
