Yanbu National Petrochemical Co. (Yansab) reported a net loss of SAR 503.6 million in the first nine months of 2023, against net earnings of SAR 510.6 million in the year-ago period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 5,638.83 | 3,087.76 | (45.2 %) |
| Gross Income | 913.99 | (191.47) | (120.9 %) |
| Operating Income | 537.93 | (518.49) | (196.4 %) |
| Net Income | 510.57 | (503.61) | (198.6 %) |
| Average Shares | 562.50 | 562.50 | - |
| EPS (Riyals) | 0.91 | (0.90) | (198.6 %) |
The loss was due to lower production and sales quantity on the scheduled turnaround of the company's complex for preventive maintenance as announced on the Tadawul website on Nov. 20, 2022, as well as the temporary shutdown of the company's plants to perform emergency repairs as announced on the Tadawul website on Aug. 21, 2023.
This is in addition to lower average selling prices for all of the products compared to the same period a year ago, despite the lower costs of some production inputs.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 1,590.54 | 1,097.87 | (31.0 %) |
| Gross Income | 69.59 | (44.02) | (163.3 %) |
| Operating Income | (50.91) | (152.62) | (199.8 %) |
| Net Income | (60.96) | (161.32) | (164.7 %) |
| Average Shares | 562.50 | 562.50 | - |
| EPS (Riyals) | (0.11) | (0.29) | (164.7 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 1,322.88 | 1,097.87 | (17.0 %) |
| Gross Income | 92.18 | (44.02) | (147.8 %) |
| Operating Income | 4.86 | (152.62) | (3243.0 %) |
| Net Income | 27.44 | (161.32) | (687.9 %) |
| Average Shares | 562.50 | 562.50 | - |
| EPS (Riyals) | 0.05 | (0.29) | (687.9 %) |
In Q3 2023, the company widened its net loss to SAR 161.3 million from SAR 61 million in the year before, mainly due to lower production and sales quantities.
On a sequential basis, the company turned to a net loss from a net profit of SAR 27.44 million.
Shareholders’ equity, after minority interest, fell to SAR 12.34 billion as of Sept. 30, 2023, from SAR 14.05 billion a year before.
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