Riyadh – Mubasher: Yanbu National Petrochemical Company (Yansab) reported an 85.8% year-on-year (YoY) decline in its net profits to SAR 44.8 million in the first second (Q2) of 2020 from SAR 316.1 million.

The company’s revenues plummeted to SAR 1.02 billion in the April-June period from SAR 1.64 billion in the year-ago period, according to a bourse disclosure on Sunday.

The drop in net profit was ascribed to lower average sales prices for all products and lower sales quantity.

Quarter-on-quarter (QoQ), Yansab’s net profits fell by 57.1% from SAR 104.5 million.

As for the second half (H1) of 2020, the Saudi firm’s net profits plunged by 78.9% YoY to SAR 149.3 million from SAR 706.8 million, while its revenues slid by 29.9% to SAR 2.216 billion in H1-20 from SAR 3.16 billion in H1-19.