Saudi's Yansab posts profit after starting operations

Saudi-based Yanbu National Petrochemical Co (Yansab), a unit of Saudi Basic Industries Corp, posted a net profit of 259m riyals ($69m) in the first quarter. This was the company's first profit in more than two years, according to Reuters data. Yansab made a net loss of 8.24m riyals in the same quarter a year earlier, it said in a bourse statement posted on Wednesday. "The reason for making the profits is due to starting commercial operations and due to the increase in volume of production and sales, as well as the improvement in prices for petrochemical products," the firm said. Yansab, which has a total annual production capacity of 4 million tonnes of petrochemical products, started full commercial production last month. Operational profit reached 310m riyals in the quarter. Sabic owns 51 per cent of Yansab. Yansab's shares closed at 46 riyals on Tuesday.