Saudi’s Yansab Q1 Net Profit Slumps 48.7%, Misses Forecast

Saudi Arabia’s Yanbu National Petrochemical Co (Yansab) reported a 48.7 per cent drop in first-quarter net profit on Monday, missing analysts’ forecasts.

The firm, a subsidiary of Saudi Basic Industries Corp (SABIC), made a net profit of 285.1 million riyals ($76 million) in the three months to March 31, down from 555.7 million riyals in the same period of 2014, a statement to the Saudi bourse said.

Six analysts polled by Reuters on average forecast Yansab to make a quarterly profit of 440.8 million riyals.

“The decrease in net profit is attributable to lower average sales prices for all products despite lower price of some feedstock materials and higher sales volume,” the company said in the bourse filing without elaborating.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.