Saudi-based Yanbu National Petrochemical Co (Yansab) quarterly profit nearly doubled due to higher product prices and sales, it said on Monday.
Yansab, a unit of Saudi Basic Industries Corp (SABIC), had second-quarter net profit of SAR963.67m ($257m), up from SAR502.38m in the prior-year period.
The results topped analysts average forecasts for profit of SAR731.33m, according to a Reuters poll.
Operating profit jumped 82 percent to SAR1.08bn in the second quarter, Yansab said, adding profits increased from the previous quarter due to the rise in sales.
Yansab made a first quarter net profit of SAR717.85m, according to a statement on the Saudi bourse.
Yansab started commercial operations in March last year.
Brokerage Nomura said last month it expected Middle East petrochemical firms to see another quarter of strong earnings growth due to the continued rise in chemcial prices combined with increased plant utilisations.
Saudi Arabian Fertilizers Co on Sunday reported a 13-percent-drop in second quarter earnings.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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