Yansab announces The interim financial results for the period ending at 30/09/2010 (9 months).

Yanbu National Petrochemical Company (Yansab) announces The interim financial results for the period ending at 30/09/2010: 

1.Realized Net Profit of SR 356.20 Million for the 3Q2010 compared to Net Loss of (SR 7.00) Million for the 3Q2009 and compared to Net Profit of SR 502.38 Million for the 2Q2010 with a decrease of 29%.

2.Realized Total Profit of SR 501.85 Million for the 3Q2010.

3.Realized Operating Profit of SR 468.66 Million for the 3Q2010.

4.Realized Net Profit of SR 1,118.02 Million for the 9 months period compared to Net Loss of (SR 21.89) Million for the same period last year.

5.The per share profit for the 9 months period was SR 1.988 compared to per share loss of (SR 0.039) for the same period last year.

6.Realized Total Profit of SR 1,459.41 Million for the 9 months period.

7.Realized Operating Profit of SR 1,375.08 Million for the 9 months period.

8.The reason for increase in profits during the 3Q2010 and 9 months period in 2010, as compared to the 3Q2009 and the same period in the previous year, is due to commencement of Commercial Operations on March 1, 2010. The reason for decrease in Net Profit in the 3Q2010 compared to the 2Q2010 is due to the increase in production cost as a result of Olefins cracker temporary shutdown in September 2010. 

Mutlaq Al-Morished, Chairman of the Board of (Yansab) and Executive Vice President of Corporate Finance (SABIC) who expressed his appreciation for the efforts of all company employees. Al-Morished affirmed that Yansab is using the latest state-of-the-art technologies in its petrochemical complex and was awarded ISO 9001:2008 certification.