Yanbu National Petrochemical Co. (Yansab) reported a decline of 73% in 2022 net profit after Zakat and tax to SAR 414.1 million, from SAR 1.53 billion a year earlier.
The profit drop was attributed to lower average selling prices for all products, besides higher average cost of production inputs and shipping expenses. This is despite a 7% year-on-year (YoY) leap in output and sales volumes.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 7,499.27 | 7,024.05 | (6.3 %) |
| Gross Income | 2,309.37 | 970.42 | (58.0 %) |
| Operating Income | 1,805.94 | 442.45 | (75.5 %) |
| Net Income | 1,531.30 | 414.15 | (73.0 %) |
| Average Shares | 562.50 | 562.50 | - |
| EPS (Riyals) | 2.72 | 0.74 | (73.0 %) |
The petrochemical producer reported a net loss of SAR 96.47 million in Q4 2022 against a profit of SAR 334.86 million in the year-ago period.
The three-month losses widened from SAR 60.96 million in Q3 2022.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 1,922.11 | 1,385.22 | (27.9 %) |
| Gross Income | 507.13 | 56.44 | (88.9 %) |
| Operating Income | 382.16 | (95.48) | (125.0 %) |
| Net Income | 334.86 | (96.43) | (128.8 %) |
| Average Shares | 562.50 | 562.50 | - |
| EPS (Riyals) | 0.60 | (0.17) | (128.8 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 1,590.54 | 1,385.22 | (12.9 %) |
| Gross Income | 69.59 | 56.44 | (18.9 %) |
| Operating Income | (50.91) | (95.48) | (87.5 %) |
| Net Income | (60.96) | (96.43) | (58.2 %) |
| Average Shares | 562.50 | 562.50 | - |
| EPS (Riyals) | (0.11) | (0.17) | (58.2 %) |
Shareholders’ equity, after minority interest, fell to SAR 14.05 billion as of Dec. 31, 2022, from SAR 15.04 billion a year earlier.
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