Financial Results : Yansab turns to SAR 454.9M profit in 9M 2024, SAR 130.6M in Q3

Yansab turns to SAR 454.9M profit in 9M 2024, SAR 130.6M in Q3

27/10/2024 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab) swung to a net profit of SAR 454.9 million in the first nine months of 2024, versus a net loss of SAR 503.6 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 3,087.76 4,674.94 51.4 %
Gross Income (191.47) 851.46 544.7 %
Operating Income (518.49) 447.83 186.4 %
Net Income (503.61) 454.88 190.3 %
Average Shares 562.50 562.50 -
EPS (Riyals) (0.90) 0.81 190.3 %

The nine-month profit was buoyed by higher output and sales volumes, along with better average selling prices of all products.

 

Moreover, the nine-month period of 2023 included the scheduled turnaround of the company's complex for preventive maintenance from Jan. 10 to March 2, as announced on Nov. 20, 2022, and March 2, 2023. It also included the temporary shutdown of the company's plants as announced on Aug. 21 and Sept. 4. On the other hand, Yansab reported a rise in some production input costs.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 1,097.87 1,627.71 48.3 %
Gross Income (44.02) 290.74 760.4 %
Operating Income (152.62) 137.75 190.3 %
Net Income (161.32) 130.58 180.9 %
Average Shares 562.50 562.50 -
EPS (Riyals) (0.29) 0.23 180.9 %

In the third quarter, Yansab made net earnings of SAR 130.6 million, against net losses of SAR 161.3 million in Q3 2023, thanks to a rise in revenue driven by higher average selling prices of all products. The third quarter of 2023 witnessed a temporary shutdown of the company's plants as announced on Aug. 21 and Sept. 4.

 

The petrochemical producer’s net earnings dropped 41.9% from SAR 224.7 million in Q2 2024 on a drop in revenue amid lower average selling prices and higher production input costs.

 

Total shareholders’ equity, after minority interest, dropped to SAR 11.77 billion as of Sept. 30, 2024, from SAR 12.34 billion a year earlier.

 

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