Dubai, UAE — Yanbu National Petrochemical Company has posted a loss of SAR486 million ($129 million) for 2023, compared to net profit of SAR 414 million in 2022.
In a Tadawul disclosure, the company attributed the loss to lower average sales prices for all products compared to the previous period, in addition lower production and sales despite lowering of some production input costs.
The fall in production and sales was attributed to the scheduled turnaround of the company’s complex for preventive maintenance during first quarter and the temporary shutdown of company plants during the third quarter to for emergency repairs.
Against the revenue/sales of SAR 7.02 billion in 2022, the company posted revenue/sales of SAR 4.53 billion in 2023, down 35 percent, due to lower average sales prices and volume, and production.
