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Yansab’s profit drops 38% in Q1

Yansab’s profit drops 38% in Q1
Yansab's profit hit SAR 390.6 million in Q1-19
YANSAB
2290
-1.97% 37.25 -0.75

Riyadh – Mubasher: Yanbu National Petrochemical Company (Yansab) posted a 38% year-on-year net profit decline in the first quarter of 2019.

Yansab’s net profits, after zakat and taxes, amounted to SAR 390.6 million in Q1-19, compared to SAR 630.6 million in the corresponding period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The firm attributed the sharp profit drop to a retreat in average sales prices for all products despite increased production and sales quantity.

On a quarterly basis, the Saudi firm’s profits hiked 67.28% from SAR 233.5 million in Q4-18.