The preliminary financial statements of Yanbu National Petrochemical Company (Yansab) showed a jump in the company's profits in the first nine months of this year, by nearly 247% on an annual basis.
According to the company's results for the Saudi market (Tadawul), today, Monday, the profits for the period amounted to about 1.196 billion riyals, compared to 344.9 million riyals in the first nine months of 2020. .
The company attributed the increase in profits during the comparison periods to the increase in average selling prices for all products despite the decrease in the quantities produced and sold, as a result of the company's factories stopping and the increase in the average prices of some feedstock materials.
The company achieved profits of 179.8 million riyals in the third quarter of this year, compared to profits of about 195.6 million riyals for the same period in 2020, a decrease of 8.1%.< /p>
The company explained that the decline in quarterly profits is due to the decrease in the quantities produced and sold as a result of the temporary suspension of the company's factories to carry out maintenance work, in addition to the increase in the average prices of some feedstock materials, noting that The increase in average selling prices for all products contributed to limiting this decline.
