Riyadh – Mubasher: Initial financial results of Yanbu National Petrochemical Company (Yansab) showed a 94.7% leap in net profits during the fourth quarter (Q4) of 2020.
Net earnings stood at SAR 332.7 million over the September-December period of the last year, compared with SAR 170.9 million in the same period in 2019, according to a bourse statement on Wednesday.
Yansab attributed the rise in profits to higher average sales prices for most of the products despite lower production and sales quantity. It further noted that an impairment cost valued at SAR 71 million was recorded in Q4-19 against capital work that is currently in progress.
Revenues for Q4-20 dropped by around 7% annually to reach SAR 1.378 billion.
During fiscal year (FY) 2020, the Tadawul-listed firm’s profits amounted to SAR 677.6 million, a year-on-year shrinkage of 37.8%.
