Riyadh –  Yanbu National Petrochemical Company (Yansab) turned to net losses after Zakat and tax worth SAR 369.70 million during the first quarter (Q1) of 2023, versus profits valued at SAR 283 million in Q1-22.

The Saudi firm registered a 66.30% year-on-year (YoY) drop in revenue to SAR 667 million in Q1-23 from SAR 1.97 billion, according to the interim financial results.

Loss per share amounted to SAR 0.66 as of 31 March 2023, against earnings per share (EPS) worth SAR 0.50 in the year-ago period.

On a quarterly basis, the Q1-23 net losses after Zakat and tax hiked by 283.51% from SAR 96.40 million in Q4-22, while the revenues shrank by 51.85% from SAR 1.38 billion.

Last March, Yansab paid out SAR 703.12 million as cash dividends for the second half (H2) of 2022.

In the January-December 2022 period, the company logged net profits after Zakat and tax worth SAR 414.10 million, an annual plunge of 72.96% from SAR 1.53 billion.

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