Saudi Arabia's Yanbu National Petrochemical Co., (Yansab), reported a more than two-fold jump in 2021 net profit to 1.531 billion riyals ($408 billion), from 677.6 million riyals in the year earlier period.

The strong performance was driven by better average selling prices despite lower production and sales volume due to the turnaround and shutdown of the company's plants, the petrochemical producer said in a Tadawul disclosure. Sales and revenue jumped over 47 percent to 7.40 billion riyals.

Yansab, an affiliate of SABIC, saw its Q4 2021 net profit rise a shade higher to 335 million riyals from 332.7 million riyals in the year-ago period. 

(Reporting by Brinda Darasha; editing by Seban Scaria)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2022