Yanbu National Petrochemical Company (Yansab) reported a 61.49% year-on-year profit drop during the second quarter of 2019, dragged by lower selling prices.
Net profits registered SAR 316.1 million in Q1-19, compared to SAR 820.9 million in the year-ago period, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Thursday.
Quarter-on-quarter, Yansab’s profits declined by 19% from SAR 390.6 million in Q1-19.
During the first half of 2019, the company’s profits plunged by 51.3% to SAR 706.8 million from SAR 1.45 billion.
As for Q1-19, the Saudi-based firm logged a profit of SAR 390.6 million, falling by 38% year-on-year from SAR 630.6 million in the corresponding period a year earlier.