YANSAB Profits Fell to SR180 Million during the 3Q by 8%

The net profit after zakat and tax for Yanbu National Petrochemical Company (YANSAB) decreased to SR180 million during the third quarter, compared to SR196 million during the same quarter of the previous year by 8%.

This was released after (YANSAB) announced on Monday its interim financial results for the period ending on 2021-09-30 (nine months).

The gross profit amounted to SR344 million during the third quarter, compared to SR277 million during the same quarter of the previous year, a growth of 24%.

The operational profit amounted to SR215.4 million during the third quarter, compared to SR201 million during the same quarter of the previous year, an increase of 7%.

The net profit after zakat and tax during the current period amounted to SR1.19 billion, compared to SR345 million during the same period of the previous year, an increase of 247%.

Profits per share during the current period amounted to SR2.13, compared to SR0.61 during the same period of the previous year.

The decrease in net profit is attributable to lower production and sales quantity resulted from temporary shutdown for all Plants as announced on Tadawul’s Website on 11 July 2021, in addition to higher average prices of some feedstock materials.

The higher average sales prices for all of the products contributed on limiting this decrease.

The decrease in net profit is attributable to lower revenue resulted from lower average sales prices for most of the products approximately by 9% with sustaining the sales quantities and the effect of the temporary shutdown for all Plants as announced on Tadawul’s Website on 11 July 2021.

This is in Addition to the increase in cost of revenue resulted from higher average prices of some feedstock materials approximately by 24%.

The increase in net profit is attributable to higher average sales prices for all of the products, despite lower production and sales quantity, resulted from turnaround and shutdown for company’s plants as announced on Tadawul’s Website on 26 January 2021 & 11 July 2021 and higher average prices of some feedstock materials.

Certain prior period figures have been re-classified to be aligned with the presentation in the current period, the statement concluded.