Riyadh – Mubasher: Yanbu National Petrochemical Company (Yansab) shifted to net profits of SAR 99.50 million in the first quarter (Q1) of 2024 against net losses worth SAR 369.70 million in Q1-23.
Yansab attributed the recorded net profits to higher production and increased sales volume, according to the financial results.
The earnings per share (EPS) reached SAR 0.18 in the January-March 2024 period, versus a loss per share of SAR 0.66 in the same three months (3M) last year.
The company achieved a 108.47% higher sales at SAR 1.39 billion in Q1-24 when compared with SAR 667 million in Q1-23.
Quarterly Results
On a quarterly basis, Yansab posted a jump of 437.83% in Q1-24 net profit compared with SAR 18.50 million in Q4-23.
Meanwhile, the sales registered in January-March 2024 were 3.77% lower than SAR 1.44 billion in October-December 2023.
During the full year of 2023, the listed company turned to net losses of SAR 485.10 million against SAR 414.10 million worth of losses in 2022. The sales shrank to SAR 4.53 billion from SAR 7.02 billion.
