Saudi's Yanpet says Q2 net profit grew 3.2%

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Yanpet said gross profit had fallen by 2.1 percent in the same period.

Yanpet said gross profit had fallen by 2.1 percent in the same period.

Yanbu National Petrochemical Co (Yanpet) said on Sunday its second-quarter net profit grew 3.2 percent on an annual basis to 671 million riyals ($179 million) due to lower financial charges, despite a fall in its sales.

The company, a unit of Saudi Basic Industries Corp , one of the world's largest petrochemical companies, said gross profit had fallen by 2.1 percent in the same period.

However, while sales were lower than a year ago, they were higher than in the first quarter of this year, Yanpet said in a bourse statement.

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