Riyadh – Yanbu National Petrochemical Company (Yansab) announced a temporary shutdown for plants that started on 14 August 2023 due to a technical issue.

Yansab expected that this shutdown will continue for another 11 days, adding that the financial impact is estimated at SAR 150 million, according to a bourse filing.

Meanwhile, the company’s team is working on progress to overcome this issue and carry out the necessary repairs.

The financial impact will reflect on Yansab’s income statements during the third quarter (Q3) of 2023 as well as Q4-23.

The Saudi-listed firm will unveil any further related developments at a later time.

In the first half (H1) of 2023, Yansab turned to net losses after Zakat and tax valued at SAR 342.30 million, against net profits amounting to SAR 571.50 million a year earlier.

Revenues fell by 50.85% to SAR 1.98 billion in H1-23 from SAR 4.04 billion in H1-22.

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