Financial Results : Yansab incurs SAR 503.6 mln loss in 9M 2023; Q3 at SAR 161.3 mln

Yansab incurs SAR 503.6 mln loss in 9M 2023; Q3 at SAR 161.3 mln

23/10/2023 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab) reported a net loss of SAR 503.6 million in the first nine months of 2023, against net earnings of SAR 510.6 million in the year-ago period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 5,638.83 3,087.76 (45.2 %)
Gross Income 913.99 (191.47) (120.9 %)
Operating Income 537.93 (518.49) (196.4 %)
Net Income 510.57 (503.61) (198.6 %)
Average Shares 562.50 562.50 -
EPS (Riyals) 0.91 (0.90) (198.6 %)

The loss was due to lower production and sales quantity on the scheduled turnaround of the company's complex for preventive maintenance as announced on the Tadawul website on Nov. 20, 2022, as well as the temporary shutdown of the company's plants to perform emergency repairs as announced on the Tadawul website on Aug. 21, 2023.

 

This is in addition to lower average selling prices for all of the products compared to the same period a year ago, despite the lower costs of some production inputs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 1,590.54 1,097.87 (31.0 %)
Gross Income 69.59 (44.02) (163.3 %)
Operating Income (50.91) (152.62) (199.8 %)
Net Income (60.96) (161.32) (164.7 %)
Average Shares 562.50 562.50 -
EPS (Riyals) (0.11) (0.29) (164.7 %)

In Q3 2023, the company widened its net loss to SAR 161.3 million from SAR 61 million in the year before, mainly due to lower production and sales quantities.

 

On a sequential basis, the company turned to a net loss from a net profit of SAR 27.44 million.

 

Shareholders’ equity, after minority interest, fell to SAR 12.34 billion as of Sept. 30, 2023, from SAR 14.05 billion a year before.

Attached Documents

 

 
 

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