Yansab Profits Jump 482% Due to Special Allocations
Naybal Petrochemical Company "Yansab" achieved a significant increase in its quarterly profits, with net income soaring by 481.5% year-over-year to reach 259 million riyals in the second quarter, compared to 44.5 million riyals in the same period last year. This growth is attributed to recording provisions of 104 million riyals, an increase in the average selling prices of all products, as well as higher plant operating efficiency and sustained high reliability. Additionally, revenues rose by 35% to 1.87 billion riyals, driven by higher product prices. This reflects the company's operational strength and its focus on enhancing financial performance. Established in 2006, the company has a market value of 17.6 billion riyals and is 51% owned by SABIC.
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