RIYADH: Saudi-listed Yanbu National Petrochemical Co., known as Yansab, reported a 57 percent profit drop for the first nine months of 2022, weighed down by higher costs.
A subsidiary of Saudi Basic Industries Corp., Yanbu’s profits dropped to SR511 million ($136 million) for the period ending Sept. 30, compared to SR1.2 billion in the same period a year earlier.
On the heels of the announcement, its shares dipped 4.60 percent to reach SR44.55.
In a filing to the Saudi Exchange, Yansab said the decrease in net profit is attributable to a rise in average input cost, despite higher sales quantity.
Its revenues surged from SR5.4 billion to SR5.6 billion in the year, recording a 3 percent leap.
During the third quarter of the year, the petrochemical firm turned to losses of SR61 million, from the SR180 million in profits it made in the same period last year.
