Yansab net profit down 73% to SAR 414.1 mln in 2022; Q4 losses at SAR 96.5 mln

05/02/2023 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab) reported a decline of 73% in 2022 net profit after Zakat and tax to SAR 414.1 million, from SAR 1.53 billion a year earlier.

The profit drop was attributed to lower average selling prices for all products, besides higher average cost of production inputs and shipping expenses. This is despite a 7% year-on-year (YoY) leap in output and sales volumes.

Financials (M)

Item	2021	2022	Change‬
Revenues	7,499.27	7,024.05	(6.3 %)
Gross Income	2,309.37	970.42	(58.0 %)
Operating Income	1,805.94	442.45	(75.5 %)
Net Income	1,531.30	414.15	(73.0 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	2.72	0.74	(73.0 %)

The petrochemical producer reported a net loss of SAR 96.47 million in Q4 2022 against a profit of SAR 334.86 million in the year-ago period.

The three-month losses widened from SAR 60.96 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	1,922.11	1,385.22	(27.9 %)
Gross Income	507.13	56.44	(88.9 %)
Operating Income	382.16	(95.48)	(125.0 %)
Net Income	334.86	(96.43)	(128.8 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	0.60	(0.17)	(128.8 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	1,590.54	1,385.22	(12.9 %)
Gross Income	69.59	56.44	(18.9 %)
Operating Income	(50.91)	(95.48)	(87.5 %)
Net Income	(60.96)	(96.43)	(58.2 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	(0.11)	(0.17)	(58.2 %)

Shareholders’ equity, after minority interest, fell to SAR 14.05 billion as of Dec. 31, 2022, from SAR 15.04 billion a year earlier.

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