Saudi Yansab Says 4Q Profit Up 20% On Higher Output, Sales

Sunday, Jan 15, 2012

RIYADH (Zawya Dow Jones)--Yanbu National Petrochemical Co. (2290.SA), or Yansab, said Sunday its fourth-quarter net profit climbed 20% to 664.9 million Saudi riyals ($177 million) on higher production and sales, but the result still missed some analyst expectations.

Analysts at Kuwait-based Global Investment House had predicted SAR872.5 million in net profit for the period. Yansab reported a SAR554.8 million net profit in the fourth quarter last year.

The company, an affiliate of petrochemical giant Saudi Basic Industries Corp. (2010.SA), said in a statement posted on the Saudi bourse website that net profit for the full year 2011 reached SAR3.1 billion, up 90% from 2010.

Full-year earnings per share stood at SAR5.64, compared with SAR2.97 in the previous year.

Yansab attributed the fourth-quarter profit increase to higher production and sales.

-By Ellen Knickmeyer, Dow Jones Newswires, +971 55 1093359, ellen.knickmeyer@dowjones.com

(END) Dow Jones Newswires

15-01-12 1420GMT