Financial Results : Yansab earns SAR 324M in H1 2024, SAR 224.8M in Q2

Yansab earns SAR 324M in H1 2024, SAR 224.8M in Q2

28/07/2024 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab) swung to a net profit of SAR 324 million in H1 2024, versus a net loss of SAR 342 million in the year-earlier period.


Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 1,989.90 3,047.23 53.1 %
Gross Income (147.45) 560.72 480.3 %
Operating Income (365.86) 310.09 184.8 %
Net Income (342.29) 324.31 194.7 %
Average Shares 562.50 562.50 -
EPS (Riyals) (0.61) 0.58 194.7 %

The first-half net profit was buoyed by a rise in revenue on increased production and sales volumes, in addition to the improved average selling prices of some products.

 

In the first half of 2023, the petrochemical producer’s plants halted operations for preventive maintenance from Jan. 10 to March 2, as announced on Tadawul's website on Nov. 20, 2022, and March 2, 2023.

 

The second-quarter bottom line skyrocketed to SAR 224.8 million from SAR 27.4 million in Q2 2023, thanks to higher revenue on increased production and sales volumes, in addition to the improved average selling prices of some products.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 1,322.88 1,656.72 25.2 %
Gross Income 92.18 332.09 260.3 %
Operating Income 4.86 204.88 4119.1 %
Net Income 27.44 224.78 719.2 %
Average Shares 562.50 562.50 -
EPS (Riyals) 0.05 0.40 719.2 %

Sequentially, Yansab’s net earnings more than doubled from SAR 99.5 million in Q1 2024, driven by improved revenue and average selling prices.

 

Total shareholders’ equity, no minority interest, dropped to SAR 11.71 billion as of June 30, 2024, from SAR 12.44 billion a year earlier.

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