Yanbu National Petrochemical Company (Yansab) has posted net profits after Zakat and tax worth SAR 571.50 million in the first half (H1) of 2022, an annual drop of 43.80% from SAR 1.10 billion, said Mubasher.
The company's revenues soared by 8.81% to SAR 4.03 billion in H1-22, compared to SAR 3.70 billion in the year-ago period. Furthermore, the earnings per share (EPS) settled at SAR 1.02 in the first six months (6M) of 2022, lower than SAR 1.81 during the same period a year earlier.
In the second quarter (Q2) of 2022, Yansab registered SAR 288.50 million in net profit after Zakat and tax, a 51.62% year-on-year (YoY) plunge from SAR 596.30 million. Meanwhile, the Q2-22 revenues stood at SAR 2.06 billion, a 3.96% YoY growth from SAR 1.98 billion.
Last June, the Saudi listed firm paid cash dividends worth SAR 843.75 million, accounting for 15% of the capital, for H1-22. During the January-March 2022 period, the petrochemicals manufacturer's net profits after Zakat and tax plummeted by 32.66% YoY to SAR 283 million, compared to SAR 420.30 million.
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.
mrchub.com