Riyadh – Mubasher: Yanbu National Petrochemical Company (Yansab) reported a 55% decline in annual profits during 2019.

Net profit after zakat and tax amounted to SAR 1.09 billion last year, compared with SAR 2.41 billion in 2018, as shown by the company’s financial statements on Thursday.

The decrease in net profit is attributable to lower average sales prices for all of the products despite higher sales quantity and lower average prices of some feedstock materials, the company said in a statement to the Saudi Stock Exchange (Tadawul).

Last month, interim financial statements showed a similar drop in annual profits.