RIYADH: Saudi-listed Yanbu National Petrochemical Co., known as Yansab, reported a 44 percent profit drop to for the first half of 2022, weighed down by higher costs.
The firm, a subsidiary of Saudi Basic Industries Corp., posted profits of SR571 million ($152 million), compared to SR1.1 billion in the same period a year earlier.
In a filing to the Saudi Exchange, Yansab said the decrease in net profit is attributable to a rise in inputs’ average cost, despite higher sales quantity.
Revenues surged from SR3.7 billion to SR4.03 billion on the year, recording a 9 percent leap.
Shares of the petrochemical producer fell 1.64 percent to SR48.1 in Monday’s trading session.
