Yansab posts SAR 420.3M net profit in 2024, swings to SAR 34.6M loss in Q4

24/02/2025 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab) turned to a net profit of SAR 420.3 million for 2024, against SAR 485.1 million in losses a year earlier.

This came as Yansab’s revenues soared in 2024, mainly buoyed by higher production and sales volumes, in addition to the elevated average sales prices for most products, compared to 2023.

Financials (M)

Item	2023	2024	Change‬
Revenues	4,532.73	6,160.50	35.9 %
Gross Income	(53.37)	954.10	1887.9 %
Operating Income	(486.30)	403.70	183.0 %
Net Income	(485.14)	420.30	186.6 %
Average Shares	562.50	562.50	-
Earnings Per Share before unusual items (Riyals)	(0.86)	0.75	186.6 %
EPS (Riyals)	(0.86)	0.75	186.6 %

Further, earnings before interest, taxes, depreciation, and amortization (EBITDA) appreciated to SAR 1.58 billion in 2024, versus SAR 712 million a year earlier.

It is worth noting that Yansab’s 2023 lossmaking came amid the scheduled turnaround for preventive maintenance at all the company's complexes that was carried out from Jan. 10, 2023, to March 2 of the same year, as reported on Tadawul's website. This is besides the temporary shutdown of its plants as announced on Aug. 21, 2023, and Sept. 4, 2023.

In Q4 2024, Yansab swung to losses of SAR 34.6 million, against profits of SAR 18.5 million and SAR 130.58 million in the fourth quarter of 2023 and Q3 2024, respectively.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	1,444.97	1,485.57	2.8 %
Gross Income	138.11	102.60	(25.7 %)
Operating Income	20.72	(42.74)	(306.3 %)
Net Income	18.46	(34.58)	(287.3 %)
Average Shares	562.50	562.50	-
Earnings Per Share before unusual items (Riyals)	0.03	(0.06)	(287.3 %)
EPS (Riyals)	0.03	(0.06)	(287.3 %)

Item	Q3 2024	Q4 2024	Change‬
Revenues	1,627.71	1,485.57	(8.7 %)
Gross Income	290.74	102.60	(64.7 %)
Operating Income	138.33	(42.74)	(130.9 %)
Net Income	130.58	(34.58)	(126.5 %)
Average Shares	562.50	562.50	-
Earnings Per Share before unusual items (Riyals)	0.23	(0.06)	(126.5 %)
EPS (Riyals)	0.23	(0.06)	(126.5 %)

Total shareholders’ equity, no minority interest, dropped to SAR 11.24 billion as of Dec. 31, 2024, compared to SAR 11.90 billion in the previous year.

Attached Document:

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Quarterly Actuals vs Estimates 24/02/202524/02/2025

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
LUMI	40.95	49.45	20.8 %
ADES	190.40	207.05	8.7 %
AMAK	48.00	41.20	(14.2 %)
YANSAB	115.51	(34.58)	(129.9 %)

Company	Estimated	Actual	Change
LUMI	40.95	49.45	20.8 %
ADES	190.40	207.05	8.7 %

Company	Estimated	Actual	Change
YANSAB	115.51	(34.58)	(129.9 %)
AMAK	48.00	41.20	(14.2 %)

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