Jul 12 2011 |
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Advanced, Yansab net profits swell
JEDDAH - Saudi-based Yanbu National Petrochemical Company (Yansab) and Advanced Petrochemical Company 's (Advanced) quarterly profits swelled due to higher product prices and sales, the companies said Monday in statements on the bourse.
Yansab , a unit of Saudi Basic Industries Corp (SABIC), had second-quarter net profit of SR963.67 million ($257 million), up from SR502.38 million in the prior-year period.
Operating profit jumped 82 percent to SR1.08 billion in the second quarter, Yansab said, adding profits increased from the previous quarter due to the rise in sales.
Yansab made a first quarter net profit of SR717.85 million.
Advanced's net profit during the 2Q2011 was SR155.6 million compared to SR65.3 million for the same quarter last year with an increase of 138.46 percent and compared to SR131.1 million for the previous quarter with an increase of 18.69 percent.
Gross profit during the 2Q2011 was SR170.14 million compared to SR81.5 million for the same quarter last year with an increase of 108.6 percent.
Net profit during 6 months was SR286.7 million compared to SR117.8 million for the same period last year, up 143.4 percent.
Earnings per share in H1 was SR2.028 against SR0.833 for the same period last year.
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