Yanbu National Petrochemical Co (Yansab), of Saudi Arabia, has revealed that its net profit declined 8 percent to $47.7 million for the third quarter.
The drop in net profit was due to lower production and sales because of the temporary shutdown of its plants, Yansab, an affiliate of Saudi Basic Industries Corporation (SABIC), said in a statement to Saudi Tadawul exchange on Monday.
The result missed most analyst estimates. Riyadh-based Al Rajhi Capital had estimated 476 million riyals, SNB Capital has forecast 445 million riyals while Riyad Capital penciled in 513 million riyals.
In July, the petrochemical producer had to shut down its plants due to a technical glitch. It had then estimated the financial impact of the shutdown at 120 million riyals.
Additionally, it said that higher feedstock prices weighed on the Q3 performance, although higher sales prices for all products helped limit the drop.
On a sequential quarter basis, Yansab’s Q3 effort was nearly 70 percent lower.