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Yansab Q3 Net Profit Doubles on Higher Output, Prices

Source: Reuters 10/22/2013, Location: Middle East

Saudi Arabia's Yanbu National Petrochemical Co reported a doubling of its third-quarter net profit, attributing the rise to increased production and sales as well as higher prices for its products.

Yansab made 864.8 million riyals ($230.6 million) in the three-month period to September 30, it said in a bourse filing, up from 435.7 million riyals during the same timeframe in 2012.

The profit was ahead of the average forecast of eight analysts polled by Reuters, who expected the petrochemicals firm to make 749.6 million riyals in the period.

The company is a unit of Saudi Basic Industries Corp , one of the world's largest petrochemical companies. SABIC has yet to report its third-quarter earnings.

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