The Yanbu National Petrochemical Company, Yansab, achieved a growth of 94.67% in its fourth quarter 2020 net profit, bringing zakat and tax after to 332.7 million riyals, compared to 170.9 million riyals in Same quarter of 2019
According to Arabiya Net, the company's net profit increased by 70.1% during the fourth quarter compared to a net profit of 195.6 million riyals in the third quarter of 2020.
The company said in a statement to the Saudi Stock Exchange that the reason for the increase in net profit in the fourth quarter on an annual basis is due to the high average selling prices of most products despite the decrease in the quantities produced and sold. .
and indicated that in the same quarter of the previous year, an accounting provision in the amount of 71 million riyals was recorded in relation to capital work costs in progress.
During the year 2020, Yansab's net profit declined by 37.8% to reach 677.6 million riyals, compared to 1.09 billion riyals net profit during the year 2019.
and the company attributed the decline in net profit to a decrease in the average selling prices of all products despite the lower cost of some production inputs.
It is reported that the quarterly profits of Yanbu National Petrochemical Company Yansab decreased 7.7%, in the third quarter of 2020, to 195.6 million riyals, compared to 212.1 million riyals in the corresponding period From last year.
During the first nine months of 2020, Yansab achieved profits after zakat and tax 344.9 million riyals, compared to 918.8 million riyals, in the corresponding period of last year, a decrease of 62.4% .
