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YanSab, Safco report lower fourth-quarter profits

8:22 AM MST | January 13, 2014 | Natasha Alperowicz

Yanbu National Petrochemical Co. (YanSab; Yanbu, Saudi Arabia) today reported a 31% drop in fourth-quarter net profit to 442.2 million Saudi riyals ($117.9 million). Gross profit was down 25% at SR589.6 million and operating profit declined 26% to SR535.3 million. The company cites lower production and sales volumes due to the shutdown of its complex as well as higher financial charges. Sales were not disclosed.   Yansab’s full year 2013 net profit was 8.1% higher at SR2.6 billion; gross profit 4% up at SR3.2 billion and operating profit 4.1% higher at...

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