Yansab H1 2022 net profit dips 44% to SAR 571.5 mln; Q2 at SAR 288.5 mln

25/07/2022 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab), which is 51% owned by Saudi Basic Industries Corp. (SABIC), reported a 44% drop in net profit after Zakat and tax to SAR 571.5 million in the first half of 2022, compared to SAR 1.017 billion in the prior-year period.

The first-half profit was hit by higher average costs of production inputs, despite better sales volumes.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	3,706.01	4,048.29	9.2 %
Gross Income	1,367.08	844.40	(38.2 %)
Operating Income	1,116.83	588.84	(47.3 %)
Net Income	1,016.66	571.53	(43.8 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	1.81	1.02	(43.8 %)

The second-quarter net profit after Zakat and tax fell by 52% to SAR 288.5 million, from SAR 596.37 million in Q2 2021, on a rise in the average costs of production inputs.

Compared to Q1 2022, net profit after Zakat and tax grew 1.9% from SAR 283 million, thanks to higher average sales prices for most of the company’s products and better other income, despite higher average costs of production inputs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	1,983.00	2,068.87	4.3 %
Gross Income	772.06	407.10	(47.3 %)
Operating Income	639.83	284.24	(55.6 %)
Net Income	596.37	288.50	(51.6 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	1.06	0.51	(51.6 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	1,979.41	2,068.87	4.5 %
Gross Income	437.30	407.10	(6.9 %)
Operating Income	304.60	284.24	(6.7 %)
Net Income	283.03	288.50	1.9 %
Average Shares	562.50	562.50	-
EPS (Riyals)	0.50	0.51	1.9 %

Shareholders’ equity, after minority interest, decreased by 2.3% to SAR 14.151 billion, from SAR 14.485 billion a year earlier.

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