Riyadh – Mubasher: Yanbu National Petrochemical Company (Yansab) recorded a 57.32% plunge in net profit after Zakat and tax to SAR 510.60 million during the first nine months (9M) of 2022, versus SAR 1.19 billion in 9M-21.

The firm generated revenues worth SAR 5.62 billion in January-September 2022, up 2.60% year-on-year (YoY) from SAR 5.48 billion, according to the interim income statements.

Meanwhile, the earnings per share (EPS) plummeted to SAR 0.91 in 9M-22 from SAR 2.13 in 9M-21.

During the third quarter (Q3) of 2022, Yansab turned to net losses after Zakat and tax worth SAR 61 million, against net profits of SAR 179.80 million in Q3-21.

Revenues declined by 10.35% YoY to SAR 1.59 billion in Q3-22 from SAR 1.77 billion.

On a quarterly basis, the company also shifted to net losses against profits worth SAR 288.50 million in Q2-22.

Meanwhile, the Q3-22 revenues shrank by 22.61% from SAR 2.06 billion in Q2-22.

In the January-June 2022 period, Yansab’s net profits after Zakat and tax retreated by 43.80% to SAR 571.50 million, compared to SAR 1.10 billion during the same period a year earlier.