Yansab Profits Slightly Increased to SR335 mln during 1Q, By 0.7%

The net profit Yanbu National Petrochemical Company (Yansab) zakat and tax grew to SR335 million during the 1Q, compared to SR333 million during the same quarter of the year 2020, by 0.7%.

This came after Yanbu National Petrochemical Company announcement on Thursday the preliminary financial results for the period ending on 31.12.2021 months (12 months).

The gross profit amounted to SR507 million during the 1Q, compared to SR475 million during the same quarter of the previous year, an increase of 7%.

The gross sales amounted to SR1.9 billion during the 1Q, compared to SR1.37 billion during the same quarter of the previous year, an increase of 39%.

The net profit after zakat and tax during the current period amounted to SR1.53 billion, compared to SR678 million during the same period last year, an increase of 126%.

Profits per share during the current period amounted to SR2.72, compared to SR1.2 during the same period last year.

The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is the increase in net profit is attributable to higher average sales prices for all of the products despite higher production’s inputs average cost.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is the increase in net profit is attributable mainly to higher production and sales quantity. Noting that during last quarter the Company announced a temporary shutdown to perform maintenance activities as announced on Tadawul’s Website on 11 July, 2021. Despite the higher production’s inputs average cost and lower average sales prices for some products.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is the increase in net profit is attributable mainly to higher average sales prices for all of the products, despite the following:

1. 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

2. Higher production’s inputs average cost.

The company concluded that the certain prior period figures have been re-classified to be aligned with the presentation in the current period.