Riyadh – Mubasher: Yanbu National Petrochemical Company’s (Yansab) financial results for the third quarter of 2019 came below Al Jazira Capital’s estimations, the research firm said in a recent statement.
Net profits of the Saudi-based firm stood at SAR 212.1 million in Q3-19, below Al Jazira Capital’s estimate of SAR 328 million due to lower than expected volumetric sales and weak gross margin.
The research company said that the overall weak performance is mainly attributed to the impact of the decline in average sales prices of most of the products, weak volumetric sales, and an increase in average production cost.
Moreover, it set the target price of Yansab at SAR 62.50 per share.
For the first nine months of 2019, Yansab’s net profits plunged by 57.86% to SAR 918.8 million, from SAR 2.18 billion in the same period of the prior year.
Source: Mubasher
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