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Yanbu National Petrochemical Co. (Yansab) reported a net loss of SAR 485 million ($129 million) in 2023, compared to a net profit of SAR 414 million in 2022.
The losses were mainly due to lower average sales prices for all products year-on-year (YoY), in addition to lower production and sales quantity despite the lower production input cost.
Revenue fell 35% YoY to SAR 4.53 billion due to lower production due to preventive maintenance at a company plant. Average sales prices declined by 15% YoY, while sales volumes decreased by 24% YoY.
The petrochemical company is a Saudi Basic Industries Corporation (SABIC) subsidiary.
In December 2023, Yansab announced a cash dividend of SAR 0.75 per share, or SAR 421.87 million, for the second half of 2023, which will be paid to eligible shareholders on March 14, 2024.
(Editing by Seban Scaria seban.scaria@lseg.com)