YANSAB: SABIC's Yansab sees 33% profit drop in Q1 despite higher revenue

Author: Sun, 2022-04-17 16:49 RIYADH: Saudi-listed Yanbu National Petrochemical Co., known as Yansab, reported a 33 percent drop in profits during the first quarter of 2022, due to higher costs. Half-owned by chemical giant Saudi Basic Industries Corp, Yansab recorded profits of SR283 million ($76 million), compared to SR420 million a year earlier, according to a bourse filing. That said, revenues surged by 14 percent from SR1.7 billion to SR1.97 billion, on the back of higher selling prices. The firm earlier posted a 126 percent jump in annual profit for 2021, which it attributed to a rise in average sales prices, despite the shutdown of facilities for maintenance. Main category: Business & EconomyTags: SABIC