Saudi Yansab’s net profit skyrockets, Sadara narrows loss in Q2

Yanbu National Petrochemical Company’s (Yansab) net income skyrocketed to SAR 224.8 million ($59.9 million) in the second quarter of 2024 from SAR 27.4 million ($7.3 million) in the same period last year. The positive results were attributed to higher revenue from increased production and sales volumes.

Yansab’s net income more than doubled from SAR 99.5 million ($26.5 million) announced in the first quarter of 2024.

Saudi Arabia’s Sadara Chemical, a joint venture between Dow Chemicals and Saudi Aramco, narrowed its net loss by 22.3% to SAR 1.07 billion ($285.3 million) in Q2 2024 from SAR 1.39 billion ($370.7 million) in the same period last year. The result was attributed to the 26% increase in sales volume.

Nonetheless, the company’s accumulated losses exceeded 100% of its share capital as of June 30, 2024.

“The group management believes that it will generate sufficient funds to meet its obligations as they become due during the 12-month period beginning from the date of approval of this condensed consolidated interim financial information,” Sadara Basic Services said in a statement to Tadawul.