Yansab incurs SAR 342.3 mln loss in H1 2023; Q2 at SAR 27.4 mln

20/07/2023 Argaam Exclusive

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Yansab National Petrochemical Co. incurred a net loss of SAR 342.3 million against a net profit of SAR 571.5 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	4,048.29	1,989.90	(50.8 %)
Gross Income	844.40	(147.45)	(117.5 %)
Operating Income	588.84	(365.86)	(162.1 %)
Net Income	571.53	(342.29)	(159.9 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	1.02	(0.61)	(159.9 %)

The net loss was attributed to lower production and sales volumes due to the scheduled turnaround of the company's complex for preventive maintenance as announced on Nov. 20, 2022. The company was also hurt by lower average selling prices for all products, compared to their level in H1 2022, despite lower production input average costs.

In Q2 2023, Yansab’s net profit plunged 91% to SAR 27.4 million from SAR 288.50 million in the year-earlier period, hurt by a fall in average selling prices for all products, as well as lower sales and production volumes.

Compared to a net loss of SAR 369.72 million in Q1 2023, the positive second-quarter results were driven by higher sales volumes and production, along with a decline in the average cost of some production inputs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	2,068.87	1,322.88	(36.1 %)
Gross Income	407.10	92.18	(77.4 %)
Operating Income	284.24	4.86	(98.3 %)
Net Income	288.50	27.44	(90.5 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	0.51	0.05	(90.5 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	667.01	1,322.88	98.3 %
Gross Income	(239.63)	92.18	138.5 %
Operating Income	(370.72)	4.86	101.3 %
Net Income	(369.72)	27.44	107.4 %
Average Shares	562.50	562.50	-
EPS (Riyals)	(0.66)	0.05	107.4 %

Shareholders' equity, no minority interest, decreased to SAR 12.44 billion as of June 30, 2023, compared to SAR 14.05 billion in a year earlier.

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