Riyadh – Mubasher: The interim financial statements of Yanbu National Petrochemical Company (Yansab) revealed a 54.9% annual drop in profits during the fiscal year ended 31 December 2019.
The net profits registered SAR 1.09 billion at the end of December last year when compared to SAR 2.41 billion in 2018, according to a bourse statement on Thursday.
The oil company ascribed the decline in profits mainly to the decrease in average sales prices for all products despite higher sales quantities and lower prices of some feedstock materials.
Additionally, an impairment against capital work in progress cost was recorded at a value of SAR 71 million.
Year-on-year (YoY), revenues plunged by 20.5% at SAR 6.06 billion last year when compared to SAR 7.62 billion.
During the fourth quarter (Q4) of 2019, the net profit totalled SAR 171 million, down by 26.8% from SAR 233.5 million in Q4-18.
It is worth mentioning that in the first nine months of 2019, Yansab’s net profits shrank by 57.86% to SAR 918.8 million from SAR 2.18 billion in the same period of the prior year.
