Financial Results : Yansab turns to SAR 369.7 mln loss in Q1 2023

Yansab turns to SAR 369.7 mln loss in Q1 2023

01/05/2023 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab) reported a net loss of SAR 369.7 million in Q1 2023, against a profit of SAR 283 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 1,979.41 667.01 (66.3 %)
Gross Income 437.30 (239.63) (154.8 %)
Operating Income 304.60 (370.72) (221.7 %)
Net Income 283.03 (369.72) (230.6 %)
Average Shares 562.50 562.50 -
EPS (Riyals) 0.50 (0.66) (230.6 %)

This was attributed to lower production levels and sales volumes year-on-year (YoY) and quarter-on-quarter (QoQ) as a result of the scheduled turnaround of all the company's plants for preventive maintenance from Jan. 10 to March 2, 2023.

 

The planned maintenance, which was announced on Nov. 20, 2022, was seen to reflect an estimated financial impact of SAR 385 million.

 

On a yearly basis, Yansab witnessed lower average sales prices for all of the products.

 

Sequentially, the company widened its losses from SAR 96.43 million in Q4 2022.

 

Total shareholders’ equity, no minority interest, stood at SAR 12.95 billion as of March 31, 2023, compared to SAR 14.58 billion a year earlier.

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