MOSCOW (MRC) -- Yanbu National Petrochemical Co. (Yansab) reported a surge of over twofold in 2021 net profit after Zakat and tax to SAR 1.531 billion, from SAR 677.6 million a year earlier, said Argaam.
The strong performance was driven by better average sales prices despite lower production and sales volume, due to the turnaround and shutdown of the company's plants as previously announced on Jan. 26 and July 11, 2021. 26 and July 11, 2021.
When compared to previous quarter, net profit jumped 86.3% from SAR 179.8 million, thanks to higher production and sales volumes.
Shareholders’ equity, after minority interest, increased by 0.37% to SAR 15.042 billion as of Dec. 31, 2021 from SAR 14.985 billion a year earlier.
Yanbu National Petrochemical Co’s (Yansab) net profit rose slightly in the fourth quarter of last year amid higher average selling prices.
Earnings were partly weighed down by higher average feedstock costs, Yanbu said in a statement filed on the Saudi bourse, Tadawul.
For the whole of 2021, the company's net profit more than doubled on the back of higher average selling prices despite lower production and sales from plant turnarounds.
As per MRC, Yanbu National Petrochemical Company (Yansab), part of Saudi Basic Industries Corporation (Sabic), restarted its cracker after a planned turnaround. The cracker in Yanbu, Saudi Arabia, which can produce 1.38 mln mt/year of ethylene and 400,000 mt/year of propylene, resumed operations on 15 February, 2021. It was shut for a turnaround on 5 February 2021.
The company also has polyolefin plants at the same site with production capacity of 400,000 tons/year of polypropylene (PP) and linear low density polyethylene (LLDPE) each. They were also taken off-line for maintenance on 5 February 2021.
Yansab is the most recent SABIC, (Saudi Basic Industries Corp), affiliate in Saudi Arabia, and will be the largest Sabic petrochemical complex. It will have an annual capacity exceeding 4 million metric tons (MT) of petrochemical products including: 1.3 million MT (metric-tons) of ethylene; 400,000 MT of propylene; 900,000 MT of polyethylene; 400,000 MT of polypropylene; 700,000 MT of ethylene glycol; 250,000 MT of benzene, xylene and toluene, and 100,000 MT of butene-1 and butene-2.
Saudi Basic Industries Corporation (Sabic) ranks among the world's top petrochemical companies. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.