Yanbu National Petrochemical Co. (Yansab) reported higher production and sales volumes in Q3 2020, which offset the impact of lower selling prices of most products, when compared to Q3 2019, chairman Abdulrahman Shamsaddin told Argaam in an exclusive.
The selling prices of all products rose in the third quarter, when compared to Q2 2020, as prices are always affected by supply, demand, and the economic cycle of petrochemicals, Shamsaddin explained.
Yansab’s expansion strategy is based on four key pillars, first improving energy efficiency through all projects that enhance reliability, sustainability and performance improvement. The strategy also focuses on boosting the capacity of Yansab’s key products, studying available investment opportunities in the sector, and acquiring other petrochemical producers or other viable companies.
“Yansab is studying various investments, but the relevant details will be announced after completing their feasibility studies and obtaining the board of director’s approval,” Shamsaddin added.
Elsewhere, Shamsaddin underlined that the major petrochemical producer, SABIC is marketing Yansab’s products in local, regional and global markets under the marketing agreement signed by the two parties.
In Q3 2020, Yansab posted an 8% year-on-year (YoY) decline in net profit to SAR 195.6 million, Argaam reported. Revenues rose 1% YoY to SAR 1.44 billion.
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