Yanbu National Petrochemical Co. (Yansab), which is 51% owned by SABIC, recorded a net loss of SAR 485.1 million in 2023, versus a profit of SAR 414.1 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 7,024.05 | 4,532.73 | (35.5 %) |
| Gross Income | 970.42 | (53.37) | (105.5 %) |
| Operating Income | 442.45 | (494.86) | (211.8 %) |
| Net Income | 414.15 | (485.14) | (217.1 %) |
| Average Shares | 562.50 | 562.50 | - |
| EPS (Riyals) | 0.74 | (0.86) | (217.1 %) |
The company reported a decline in revenues due to the lower average selling prices of all products compared to the previous year. In addition, production and sales volumes declined. This was offset by a decrease in some production input costs.
Yansab announced a temporary shutdown for plants that started on Aug. 14, 2023, due to a technical issue. It added that the financial impact is estimated at SAR 150 million, predicting it to appear in Q3 and Q4 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,385.22 | 1,444.97 | 4.3 % |
| Gross Income | 56.44 | 138.11 | 144.7 % |
| Operating Income | (95.48) | 23.62 | 124.7 % |
| Net Income | (96.43) | 18.46 | 119.1 % |
| Average Shares | 562.50 | 562.50 | - |
| EPS (Riyals) | (0.17) | 0.03 | 119.1 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 1,097.87 | 1,444.97 | 31.6 % |
| Gross Income | (44.02) | 138.11 | 413.7 % |
| Operating Income | (152.62) | 23.62 | 115.5 % |
| Net Income | (161.32) | 18.46 | 111.4 % |
| Average Shares | 562.50 | 562.50 | - |
| EPS (Riyals) | (0.29) | 0.03 | 111.4 % |
The petrochemical producer reported a net profit of SAR 18.5 million in Q4 2023 against a loss of SAR 96.45 million in the year-ago period, as production levels stabilized in the fourth quarter leading to an increase in sales volume.
Yansab posted a loss of SAR 161.32 million in Q3 2023.
Shareholders’ equity, no minority interest, fell to SAR 11.9 billion as of Dec. 31, 2023, from SAR 14.05 billion a year earlier.
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