Riyadh – Yanbu National Petrochemical Company (Yansab) has shifted to net losses after Zakat and tax worth SAR 342.30 million in the first half (H1) of 2023, versus net profits of SAR 571.50 million in H1-22.

The loss per share stood at SAR 0.61 in H1-23, against earnings per share (EPS) of SAR 1.02 in the same period a year earlier, according to the income statements.

Yansab witnessed a 50.85% annual plummet in revenue to SAR 1.98 billion during January-June 2023 from SAR 4.04 billion.

Financial Results for Q2

The listed company, meanwhile, achieve net profits worth SAR 27.40 million in the second quarter (Q2) of 2023, lower by 90.50% than SAR 288.50 million in Q2-22.

The revenues also shrank by 36.06% year-on-year (YoY) to SAR 1.32 billion in April-July 2023, compared with SAR 2.06 billion.

On a quarterly basis, the Q2-23 net profits of Yansab were against losses of SAR 369.70 million in Q1-23, while the revenues grew by 98.33% than SAR 667 million.

The company recently announced the distribution of SAR 562.50 million as cash dividends for H1-23, which will take place in August.

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