Riyadh, Saudi Arabia — Yanbu National Petrochemical Company (Yansab) has reported a net loss of SAR 503.6 million ($134 million) in the first nine months of 2023, against net earnings of SAR 510.6 million in the year-ago period.
In the third quarter of 2023, the company widened its net loss to SAR 161.3 million from SAR 61 million in the year before, mainly due to lower production and sales quantities, Argaam reported.
On a sequential basis, the company turned to a net loss from a net profit of SAR 27.44 million, Arggam said.
Shareholders’ equity, after minority interest, fell to SAR 12.34 billion as of Sept. 30, 2023, from SAR 14.05 billion a year before.
Yanbu had decided to distribute cash dividends of 236 million Saudi riyals to shareholders for the first half of the fiscal year 2023.
The company had posted a net profit of SAR51 million for the first quarter of 2023, a 31 percent increase from SAR 39 million in Q1 2022.