MOSCOW (MRC) -- Saudi Arabia's Yanbu National Petrochemical Co (Yansab), a subsidiary of Saudi Basic Industries Corp (SABIC), reported a 53.4 percent rise in fourth-quarter net profit, said Zawya.
Net profit of 602.85 million riyals (USD160.73 million) for the three months to Dec. 31, up from 393.06 million riyals in the same period of 2015.
Average forecast of five analysts: 615.33 million riyals.
Sales increased 1% year on year during the quarter to SR1.85bn.
Full-year net profit stood at SR2.3bn, a 91% increase compared to 2015, due to lower feedstock costs year on year, higher production and sales volumes, and reduced turnaround activity.
As MRC informed earlier, last year's Q4 net profit shrank 36.4% on lower prices.
Yansab is the most recent SABIC, (Saudi Basic Industries Corp), affiliate in Saudi Arabia, and will be the largest Sabic petrochemical complex. It will have an annual capacity exceeding 4 million metric tons (MT) of petrochemical products including: 1.3 million MT (metric-tons) of ethylene; 400,000 MT of propylene; 900,000 MT of polyethylene; 400,000 MT of polypropylene; 700,000 MT of ethylene glycol; 250,000 MT of benzene, xylene and toluene, and 100,000 MT of butene-1 and butene-2.
MRC