Yanbu National Petrochemical Company (Yansab) has reported a 53.4 per cent increase in its fourth quarter net profit, on the back of investment returns and an increase in the average sales prices for some of its products.

The company, said its net profit of reached SR602.9m ($160.7m) for the three-month period ending 31 December 2016, rising from SR393.1m for the same period in 2015. However, it was marginally lower than SR607.5m profit reported at the end of third quarter of last year, the petrochemicals producer said in a statement to Saudi Stock Exchange, where its shares are traded.

“The increase in net profit is attributable to the increase in average sales prices for some of the products and decrease in slow movement spare parts provision,” Yansab said in the statement, adding that there was an “increase in Murabaha investment return and decrease in financial charges” during the last quarter of 2016.

The 2016 full-year profit soared more than 90 per cent to SR2.3bn, compared with the 12-month net income of SR1.2 reported at the end of 2015.

Yansab, based in Yanbu on Saudi Arabia’s Red Sea coast, is majority owned by kingdom’s largest petrochemicals producer Sabic.