Riyadh – Mubasher: Yanbu National Petrochemical Company (Yansab) turned to net losses after Zakat and tax valued at SAR 503.60 million in the first nine months (9M) of 2023.
The negative results were compared with net profits amounting to SAR 510.60 million in 9M-22, according to the interim income statements.
Revenues shrank by 45.24% to SAR 3.08 billion in 9M-23 from SAR 5.63 billion as of 30 September 2022.
Loss per share hit SAR 0.90 during January-September 2023, against earnings per share (EPS) of SAR 0.91 in the year-ago period.
Financial Results for Q3-23
During the third quarter (Q3) of 2023, Yansab reported a 164.43% year-on-year (YoY) leap in net losses after Zakat and tax to SAR 161.30 million, versus SAR 61 million.
The company’s revenues stood at SAR 1.09 billion in Q3-23, lower by 30.97% YoY than SAR 1.59 billion.
On a quarterly basis, the company also shifted to net losses in Q3-23 when compared with net profits worth SAR 27.40 million in Q2-23. Meanwhile, the revenues dropped by 17.01% from SAR 1.32 billion.
