21 Hrs
Source:
الاقتصادية
Yansab recording drives profit rise
Yansab, the National Petrochemical Company of Yanbu, achieved a remarkable leap in its net profits during the second quarter, increasing by 481.5% year-over-year to reach 259 million SAR, compared to 44.5 million SAR in the same period of the previous year. The company primarily attributes this surge to recording provisions worth 104 million SAR, an increase in the average selling prices of all products, and achieving high levels of reliability and operational efficiency despite rising costs of some input materials. Last year, the company's profits had declined by 81% due to a downturn in selling prices. Yansab is one of the leading companies in the production of petrochemical materials, with a current market value of 17.6 billion SAR. It is 51% owned by SABIC.
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