Yansab's net profit tumbles 63% to SAR 344.9 mln in 9M 2020
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Yanbu National Petrochemical Co. (Yansab) reported a net profit after Zakat and tax of SAR 344.9 million for the first nine months of 2020, a slump of 63% year-on-year (YoY), due to lower average sales prices of all products, despite a decline in production inputs average cost.
Yansab is 51%-owned by Saudi Basic Industries Corporation (SABIC).
The company’s net profit after Zakat and tax declined 8% YoY to SAR 195.6 million in Q3 2020, on lower average selling prices and higher production input average cost despite improved output and sales volumes.
On a quarter-on-quarter basis, the third-quarter net profit rose over four times, driven by higher average selling prices of all products and improved sales volumes.