Yanbu National Petrochemical Company (Yansab) incurred losses of 503.6 million riyals ($134.3 million) by the end of the first nine months of 2023, compared to profits of 510.6 million riyals ($136.1 million) achieved during the same period in 2022.
The revenues of the company, which is 51 percent owned by SABIC, declined during the same period by 45.2 percent to 3.08 billion riyals, compared to 5.64 billion riyals achieved during the same period in 2022.
Yansab Company attributed the net loss during the first nine months of 2023 to a decrease in the quantities produced and sold as a result of the cessation of all the company’s factories for preventive maintenance work, as announced on the Tadawul website on November 20, 2022, and the temporary cessation of the company’s factories due to a technical malfunction, as announced in Tadawul website dated August 21, 2023, in addition to a decrease in the average selling prices of all products from their level in the same period of the previous year despite the decrease in the cost of some production inputs.
Regarding the third quarter of the current year, the company incurred losses of 44 million riyals, compared to profits of 69.6 million riyals achieved during the same period in 2022.
The company’s revenues also declined during the same period by 17.01 percent to 1.1 billion riyals, compared to 1.59 billion riyals achieved during the same period in 2022.
The company attributed the increase in net loss to the decrease in the quantities produced and sold as a result of the temporary cessation of the company’s factories due to a technical malfunction, as announced on the Tadawul website on August 21, 2023, in addition to the decrease in the average selling prices of some products despite the decrease in the cost of some production inputs.
2023-10-23 08:32:33
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