Yansab 9M 2022 profit retreats 57% to SAR 510.6 mln, Q3 loss at SAR 61 mln

26/10/2022 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab) reported a net profit after Zakat and tax of SAR 510.6 million in the first nine months of 2022, a 57% decrease from SAR 1.196 billion in the year-ago period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	5,485.62	5,638.83	2.8 %
Gross Income	1,710.69	913.99	(46.6 %)
Operating Income	1,332.23	537.93	(59.6 %)
Net Income	1,196.44	510.57	(57.3 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	2.13	0.91	(57.3 %)

The profit decline was attributed to higher production inputs average cost and lower average preliminary selling prices for all of the products resulting from changes in the market price and higher shipment cost, despite higher production and sales.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	1,779.61	1,590.54	(10.6 %)
Gross Income	343.61	69.59	(79.7 %)
Operating Income	215.40	(50.91)	(123.6 %)
Net Income	179.78	(60.96)	(133.9 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	0.32	(0.11)	(133.9 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	2,068.87	1,590.54	(23.1 %)
Gross Income	407.10	69.59	(82.9 %)
Operating Income	284.24	(50.91)	(117.9 %)
Net Income	288.50	(60.96)	(121.1 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	0.51	(0.11)	(121.1 %)

In Q3 2022, the company turned to a net loss after Zakat and tax of SAR 61 million, against a profit of SAR 179.78 million in the year before.

On a sequential basis, the company’s net profit fell from SAR 288.5 million in Q2 2022.

Shareholders’ equity, after minority interest, fell to SAR 14.207 billion as of Sept. 30, 2022, from SAR 14.652 billion in the year-earlier period.

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