Riyadh – Mubasher: Yanbu National Petrochemical Company (Yansab) on Monday released its financial statements for the second quarter of 2017 and reported a 53.74% drop in profits compared to the year-ago period.

Yansab’s profits fell to SAR 345.7 million in Q2-17 from SAR 747.3 million in the same period in 2016, according to the company’s statement to the Saudi Stock Exchange (Tadawul). Quarter-on-quarter, profits slid 43.16%.

The year-on-year profit decline was attributed to a drop in sales and production quantities following the shutting down of activities, despite the rise in prices of some products. Yansab’s sales fell 21% reaching SAR 1.36 billion in Q2-17, compared to SAR 1.72 billion in the same period in the year earlier.

The Tadawul-listed petrochemical company's profits retreated 18.41% to SAR 953.9 million in H1-17, compared to SAR 1.17 billion in H1-16, whereas its sales rose slightly by 2% to SAR 3.12 billion in the first six months of 2017 from SAR 3.07 billion in H1-16.

Yansab previously reported a 44.23% increase in net profits to reach SAR 608.2 million in Q1-17, compared to SAR 421.7 million in the corresponding period in the year before.