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.
| 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.
| 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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