Saudi Yansab reports net profit in Q4; swings to loss for full year 2023

According to media sources, Saudi Arabia’s Yanbu National Petrochemical Company (Yansab) registered a net profit of SAR18.5 million ($4 million) for Q4 of 2023 compared to the SAR96.45 million ($25 million) net loss recorded in Q4 2022 and a loss of SAR 161.32 million ($43 million) in Q3 2023. Sources attributed this increase to the stabilized production levels in the fourth quarter, which led to an increase in sales volume.

Meanwhile, Yansab recorded a net loss of SAR485.1 million ($129 million) in the full year 2023, down significantly by 217% from a profit of SAR414.1 million ($110 million) a year earlier. The company’s revenue also declined by 35.5% year-over-year to SAR4,533 million ($1,209 million).

The company attributed the decline in revenue to the lower average selling prices for its products compared to the previous year. Moreover, both production and sales volumes decreased.

The results included Yansab’s SAR150 million ($39 million) financial impact from temporary shutdown for its plants on August 14, 2023, due to a technical issue.