Yansab swings to SAR 485.1M loss in 2023; Q4 profit at SAR 18.5M

19/02/2024 Argaam Exclusive

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Yanbu National Petrochemical Co. (Yansab), which is 51% owned by SABIC, recorded a net loss of SAR 485.1 million in 2023, versus a profit of SAR 414.1 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	7,024.05	4,532.73	(35.5 %)
Gross Income	970.42	(53.37)	(105.5 %)
Operating Income	442.45	(494.86)	(211.8 %)
Net Income	414.15	(485.14)	(217.1 %)
Average Shares	562.50	562.50	-
EPS (Riyals)	0.74	(0.86)	(217.1 %)

The company reported a decline in revenues due to the lower average selling prices of all products compared to the previous year. In addition, production and sales volumes declined. This was offset by a decrease in some production input costs.

Yansab announced a temporary shutdown for plants that started on Aug. 14, 2023, due to a technical issue. It added that the financial impact is estimated at SAR 150 million, predicting it to appear in Q3 and Q4 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	1,385.22	1,444.97	4.3 %
Gross Income	56.44	138.11	144.7 %
Operating Income	(95.48)	23.62	124.7 %
Net Income	(96.43)	18.46	119.1 %
Average Shares	562.50	562.50	-
EPS (Riyals)	(0.17)	0.03	119.1 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	1,097.87	1,444.97	31.6 %
Gross Income	(44.02)	138.11	413.7 %
Operating Income	(152.62)	23.62	115.5 %
Net Income	(161.32)	18.46	111.4 %
Average Shares	562.50	562.50	-
EPS (Riyals)	(0.29)	0.03	111.4 %

The petrochemical producer reported a net profit of SAR 18.5 million in Q4 2023 against a loss of SAR 96.45 million in the year-ago period, as production levels stabilized in the fourth quarter leading to an increase in sales volume.

Yansab posted a loss of SAR 161.32 million in Q3 2023.

Shareholders’ equity, no minority interest, fell to SAR 11.9 billion as of Dec. 31, 2023, from SAR 14.05 billion a year earlier.

Attached Documents

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	2,317.89	6.9 %	708.29	(11.5 %)	555.68	(16.7 %)	0.99
Q2 2014	2,409.31	8.9 %	760.78	(5.7 %)	613.03	(8.6 %)	1.09
Q3 2014	2,493.73	(13.7 %)	844.76	(17.8 %)	691.28	(20.1 %)	1.23
Q4 2014	2,290.10	9.9 %	773.20	31.1 %	617.75	39.7 %	1.10
2014	9,511.03	1.7 %	3,087.03	(4.3 %)	2,477.74	(6.3 %)	4.40
Q1 2015	1,716.78	(25.9 %)	412.75	(41.7 %)	285.14	(48.7 %)	0.51
Q2 2015	1,563.32	(35.1 %)	373.04	(51.0 %)	227.40	(62.9 %)	0.40
Q3 2015	1,800.27	(27.8 %)	434.61	(48.6 %)	301.72	(56.4 %)	0.54
Q4 2015	1,831.05	(20.0 %)	537.20	(30.5 %)	393.06	(36.4 %)	0.70
2015	6,911.42	(27.3 %)	1,757.60	(43.1 %)	1,207.32	(51.3 %)	2.15
Q1 2016	1,346.43	(21.6 %)	607.27	47.1 %	421.74	47.9 %	0.75
Q2 2016	1,722.34	10.2 %	852.67	128.6 %	747.34	228.6 %	1.33
Q3 2016	1,516.80	(15.7 %)	688.73	58.5 %	568.28	88.3 %	1.01
Q4 2016	1,645.07	(10.2 %)	732.63	36.4 %	607.00	54.4 %	1.08
2016	6,230.64	(9.8 %)	2,881.29	63.9 %	2,344.36	94.2 %	4.17
Q1 2017	1,758.51	30.6 %	728.26	19.9 %	608.16	44.2 %	1.08
Q2 2017	1,362.12	(20.9 %)	465.16	(45.4 %)	345.72	(53.7 %)	0.61
Q3 2017	1,933.44	27.5 %	780.33	13.3 %	644.59	13.4 %	1.15
Q4 2017	2,166.85	31.7 %	896.55	22.4 %	777.90	28.2 %	1.38
2017	7,220.91	15.9 %	2,870.30	(0.4 %)	2,376.37	1.4 %	4.22
Q1 2018	1,787.21	1.6 %	739.84	1.6 %	630.59	3.7 %	1.12
Q2 2018	2,111.47	55.0 %	937.57	101.6 %	820.89	137.4 %	1.46
Q3 2018	2,110.43	9.2 %	839.25	7.5 %	729.02	13.1 %	1.30
Q4 2018	1,619.36	(25.3 %)	348.78	(61.1 %)	233.48	(70.0 %)	0.42
2018	7,628.47	5.6 %	2,865.44	(0.2 %)	2,413.98	1.6 %	4.29
Q1 2019	1,522.05	(14.8 %)	472.49	(36.1 %)	390.64	(38.1 %)	0.69
Q2 2019	1,637.96	(22.4 %)	431.61	(54.0 %)	316.13	(61.5 %)	0.56
Q3 2019	1,422.74	(32.6 %)	296.05	(64.7 %)	212.06	(70.9 %)	0.38
Q4 2019	1,482.08	(8.5 %)	298.12	(14.5 %)	170.95	(26.8 %)	0.30
2019	6,064.83	(20.5 %)	1,498.27	(47.7 %)	1,089.77	(54.9 %)	1.94
Q1 2020	1,194.98	(21.5 %)	199.26	(57.8 %)	104.46	(73.3 %)	0.19
Q2 2020	1,020.66	(37.7 %)	137.12	(68.2 %)	44.83	(85.8 %)	0.08
Q3 2020	1,440.73	1.3 %	277.21	(6.4 %)	195.63	(7.7 %)	0.35
Q4 2020	1,378.58	(7.0 %)	475.13	59.4 %	332.65	94.6 %	0.59
2020	5,034.94	(17.0 %)	1,088.72	(27.3 %)	677.57	(37.8 %)	1.20
Q1 2021	1,723.01	44.2 %	595.01	198.6 %	420.29	302.3 %	0.75
Q2 2021	1,983.00	94.3 %	772.06	463.0 %	596.37	1230.4 %	1.06
Q3 2021	1,779.61	23.5 %	343.61	24.0 %	179.78	(8.1 %)	0.32
Q4 2021	1,922.11	39.4 %	507.13	6.7 %	334.86	0.7 %	0.60
2021	7,499.27	48.9 %	2,309.37	112.1 %	1,531.30	126.0 %	2.72
Q1 2022	1,979.41	14.9 %	437.30	(26.5 %)	283.03	(32.7 %)	0.50
Q2 2022	2,068.87	4.3 %	407.10	(47.3 %)	288.50	(51.6 %)	0.51
Q3 2022	1,590.54	(10.6 %)	69.59	(79.7 %)	(60.96)	(133.9 %)	(0.11)
Q4 2022	1,385.22	(27.9 %)	56.44	(88.9 %)	(96.43)	(128.8 %)	(0.17)
2022	7,024.05	(6.3 %)	970.42	(58.0 %)	414.15	(73.0 %)	0.74
Q1 2023	667.01	(66.3 %)	(239.63)	(154.8 %)	(369.72)	(230.6 %)	(0.66)
Q2 2023	1,322.88	(36.1 %)	92.18	(77.4 %)	27.44	(90.5 %)	0.05
Q3 2023	1,097.87	(31.0 %)	(44.02)	(163.3 %)	(161.32)	(164.7 %)	(0.29)
Q4 2023	1,444.97	4.3 %	138.11	144.7 %	18.46	119.1 %	0.03
2023	4,532.73	(35.5 %)	(53.37)	(105.5 %)	(485.14)	(217.1 %)	(0.86)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2014	9,511.03	1.7 %	3,087.03	(4.3 %)	2,477.74	(6.3 %)	4.40
2015	6,911.42	(27.3 %)	1,757.60	(43.1 %)	1,207.32	(51.3 %)	2.15
2016	6,230.64	(9.8 %)	2,881.29	63.9 %	2,344.36	94.2 %	4.17
2017	7,220.91	15.9 %	2,870.30	(0.4 %)	2,376.37	1.4 %	4.22
2018	7,628.47	5.6 %	2,865.44	(0.2 %)	2,413.98	1.6 %	4.29
2019	6,064.83	(20.5 %)	1,498.27	(47.7 %)	1,089.77	(54.9 %)	1.94
2020	5,034.94	(17.0 %)	1,088.72	(27.3 %)	677.57	(37.8 %)	1.20
2021	7,499.27	48.9 %	2,309.37	112.1 %	1,531.30	126.0 %	2.72
2022	7,024.05	(6.3 %)	970.42	(58.0 %)	414.15	(73.0 %)	0.74
2023	4,532.73	(35.5 %)	(53.37)	(105.5 %)	(485.14)	(217.1 %)	(0.86)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	32.97 %	42.38 %	26.66 %
Q2 2014	31.82 %	41.45 %	25.52 %
Q3 2014	31.20 %	41.94 %	24.74 %
Q4 2014	32.46 %	43.45 %	26.05 %
2014	32.46 %	43.45 %	26.05 %
Q1 2015	31.33 %	42.95 %	24.77 %
Q2 2015	29.81 %	42.15 %	22.59 %
Q3 2015	27.05 %	39.84 %	19.44 %
Q4 2015	25.43 %	38.49 %	17.54 %
2015	25.43 %	38.49 %	17.54 %
Q1 2016	29.84 %	42.19 %	20.62 %
Q2 2016	36.29 %	47.23 %	27.89 %
Q3 2016	41.86 %	52.93 %	33.27 %
Q4 2016	46.24 %	56.31 %	37.63 %
2016	46.24 %	56.31 %	37.63 %
Q1 2017	45.20 %	54.64 %	38.10 %
Q2 2017	41.62 %	51.91 %	33.89 %
Q3 2017	40.40 %	49.45 %	32.92 %
Q4 2017	39.75 %	48.52 %	32.91 %
2017	39.75 %	48.52 %	32.91 %
Q1 2018	39.75 %	48.53 %	33.09 %
Q2 2018	41.93 %	49.73 %	35.93 %
Q3 2018	41.75 %	49.37 %	36.18 %
Q4 2018	37.56 %	45.25 %	31.64 %
2018	37.56 %	45.25 %	31.64 %
Q1 2019	35.28 %	43.52 %	29.53 %
Q2 2019	30.37 %	42.48 %	24.23 %
Q3 2019	24.97 %	38.92 %	18.58 %
Q4 2019	24.70 %	38.51 %	17.97 %
2019	24.70 %	38.51 %	17.97 %
Q1 2020	21.35 %	36.17 %	14.01 %
Q2 2020	18.17 %	31.43 %	10.40 %
Q3 2020	17.74 %	31.59 %	10.04 %
Q4 2020	21.62 %	37.76 %	13.50 %
2020	21.62 %	37.76 %	13.50 %
Q1 2021	26.68 %	41.11 %	19.04 %
Q2 2021	32.48 %	45.21 %	24.68 %
Q3 2021	31.84 %	43.79 %	23.62 %
Q4 2021	29.94 %	40.31 %	22.18 %
2021	30.79 %	41.04 %	21.91 %
Q1 2022	26.88 %	36.54 %	18.68 %
Q2 2022	21.87 %	30.50 %	14.54 %
Q3 2022	18.80 %	27.31 %	11.37 %
Q4 2022	13.82 %	22.83 %	5.89 %
2022	13.82 %	22.83 %	5.89 %
Q1 2023	5.14 %	16.37 %	(3.99 %)
Q2 2023	(0.43 %)	13.49 %	(9.91 %)
Q3 2023	(3.02 %)	12.86 %	(13.25 %)
Q4 2023	(1.18 %)	15.45 %	(10.70 %)
2023	(1.18 %)	15.45 %	(10.70 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	32.46 %	43.45 %	26.05 %
2015	25.43 %	38.49 %	17.54 %
2016	46.24 %	56.31 %	37.63 %
2017	39.75 %	48.52 %	32.91 %
2018	37.56 %	45.25 %	31.64 %
2019	24.70 %	38.51 %	17.97 %
2020	21.62 %	37.76 %	13.50 %
2021	30.79 %	41.04 %	21.91 %
2022	13.82 %	22.83 %	5.89 %
2023	(1.18 %)	15.45 %	(10.70 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	30.56 %	41.82 %	23.97 %
Q2 2014	31.58 %	42.36 %	25.44 %
Q3 2014	33.88 %	44.37 %	27.72 %
Q4 2014	33.76 %	45.23 %	26.97 %
Q1 2015	24.04 %	38.66 %	16.61 %
Q2 2015	23.86 %	37.92 %	14.55 %
Q3 2015	24.14 %	35.79 %	16.81 %
Q4 2015	29.34 %	41.48 %	21.69 %
Q1 2016	45.10 %	56.67 %	31.32 %
Q2 2016	49.51 %	57.92 %	43.39 %
Q3 2016	45.41 %	57.76 %	37.47 %
Q4 2016	44.53 %	52.99 %	36.90 %
Q1 2017	41.41 %	50.29 %	34.58 %
Q2 2017	34.15 %	46.19 %	25.38 %
Q3 2017	40.36 %	47.96 %	33.34 %
Q4 2017	41.38 %	49.05 %	35.90 %
Q1 2018	41.40 %	50.27 %	35.28 %
Q2 2018	44.40 %	51.57 %	38.88 %
Q3 2018	39.77 %	46.71 %	34.54 %
Q4 2018	21.54 %	29.56 %	14.42 %
Q1 2019	31.04 %	42.79 %	25.67 %
Q2 2019	26.35 %	49.53 %	19.30 %
Q3 2019	20.81 %	33.23 %	14.90 %
Q4 2019	20.11 %	27.02 %	11.53 %
Q1 2020	16.67 %	32.70 %	8.74 %
Q2 2020	13.43 %	33.86 %	4.39 %
Q3 2020	19.24 %	33.78 %	13.58 %
Q4 2020	34.47 %	49.20 %	24.29 %
Q1 2021	34.53 %	45.06 %	28.08 %
Q2 2021	38.93 %	50.87 %	30.07 %
Q3 2021	19.31 %	30.47 %	11.60 %
Q4 2021	26.38 %	34.27 %	18.56 %
Q1 2022	22.09 %	29.85 %	13.74 %
Q2 2022	19.68 %	27.66 %	14.12 %
Q3 2022	4.37 %	15.26 %	(3.83 %)
Q4 2022	4.07 %	14.30 %	(6.43 %)
Q1 2023	(35.93 %)	(11.69 %)	(55.43 %)
Q2 2023	6.97 %	23.19 %	2.07 %
Q3 2023	(4.01 %)	13.52 %	(14.69 %)
Q4 2023	9.56 %	22.36 %	1.28 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	562.50	4.50	4.50	25.73
Q2 2014	562.50	4.40	4.40	25.32
Q3 2014	562.50	4.09	4.09	26.55
Q4 2014	562.50	4.40	4.40	27.65
Q1 2015	562.50	3.92	3.92	26.65
Q2 2015	562.50	3.24	3.24	26.06
Q3 2015	562.50	2.55	2.55	26.59
Q4 2015	562.50	2.15	2.16	27.29
Q1 2016	562.50	2.39	2.40	27.00
Q2 2016	562.50	3.31	3.32	26.73
Q3 2016	562.50	3.79	3.79	27.81
Q4 2016	562.50	4.17	4.17	28.54
Q1 2017	562.50	4.50	4.50	28.12
Q2 2017	562.50	3.79	3.79	27.24
Q3 2017	562.50	3.92	3.92	28.37
Q4 2017	562.50	4.22	4.22	29.76
Q1 2018	562.50	4.26	4.26	30.91
Q2 2018	562.50	5.11	5.11	28.87
Q3 2018	562.50	5.26	5.26	30.17
Q4 2018	562.50	4.29	4.29	30.68
Q1 2019	562.50	3.86	3.86	31.34
Q2 2019	562.50	2.97	2.97	28.12
Q3 2019	562.50	2.05	2.05	28.38
Q4 2019	562.50	1.94	1.94	28.70
Q1 2020	562.50	1.43	1.43	27.13
Q2 2020	562.50	0.95	0.95	25.92
Q3 2020	562.50	0.92	0.92	26.23
Q4 2020	562.50	1.20	1.21	26.64
Q1 2021	562.50	1.77	1.88	26.30
Q2 2021	562.50	2.75	2.86	25.75
Q3 2021	562.50	2.72	2.88	26.05
Q4 2021	562.50	2.72	2.92	26.74
Q1 2022	562.50	2.48	2.54	25.92
Q2 2022	562.50	1.93	2.00	25.16
Q3 2022	562.50	1.50	1.53	25.26
Q4 2022	562.50	0.74	0.74	24.98
Q1 2023	562.50	(0.42)	(0.40)	23.04
Q2 2023	562.50	(0.89)	(0.88)	22.12
Q3 2023	562.50	(1.07)	(1.05)	21.95
Q4 2023	562.50	(0.86)	(0.86)	21.16

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	562.50	4.40	4.40	27.65
2015	562.50	2.15	2.16	27.29
2016	562.50	4.17	4.17	28.54
2017	562.50	4.22	4.22	29.76
2018	562.50	4.29	4.29	30.68
2019	562.50	1.94	1.94	28.70
2020	562.50	1.20	1.21	26.64
2021	562.50	2.72	2.92	26.74
2022	562.50	0.74	0.74	24.98
2023	562.50	(0.86)	(0.86)	21.16

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	15.71	15.71	2.75
Q2 2014	16.11	16.11	2.80
Q3 2014	17.59	17.59	2.71
Q4 2014	10.82	10.82	1.72
Q1 2015	10.76	10.76	1.58
Q2 2015	16.75	16.75	2.08
Q3 2015	16.92	16.91	1.62
Q4 2015	15.10	15.04	1.19
Q1 2016	16.32	16.26	1.44
Q2 2016	12.65	12.61	1.57
Q3 2016	11.41	11.39	1.55
Q4 2016	12.97	12.97	1.89
Q1 2017	12.72	12.72	2.04
Q2 2017	14.74	14.74	2.05
Q3 2017	15.13	15.13	2.09
Q4 2017	13.93	13.93	1.98
Q1 2018	17.13	17.13	2.36
Q2 2018	14.58	14.58	2.58
Q3 2018	13.48	13.48	2.35
Q4 2018	14.87	14.87	2.08
Q1 2019	19.22	19.22	2.37
Q2 2019	21.47	21.47	2.26
Q3 2019	26.12	26.12	1.88
Q4 2019	28.85	28.85	1.95
Q1 2020	29.12	29.12	1.53
Q2 2020	54.11	54.11	1.98
Q3 2020	64.01	64.01	2.24
Q4 2020	53.05	52.88	2.40
Q1 2021	39.18	36.75	2.63
Q2 2021	26.43	25.36	2.82
Q3 2021	26.19	24.70	2.73
Q4 2021	25.24	23.52	2.57
Q1 2022	26.99	26.29	2.58
Q2 2022	26.15	25.20	2.01
Q3 2022	30.81	30.29	1.83
Q4 2022	56.50	56.51	1.67
Q1 2023	NEG	NEG	1.83
Q2 2023	NEG	NEG	2.14
Q3 2023	NEG	NEG	1.89
Q4 2023	NEG	NEG	1.80

Period	P/E	Adjusted P/E	Price/book
2014	10.82	10.82	1.72
2015	15.10	15.04	1.19
2016	12.97	12.97	1.89
2017	13.93	13.93	1.98
2018	14.87	14.87	2.08
2019	28.85	28.85	1.95
2020	53.05	52.88	2.40
2021	25.24	23.52	2.57
2022	56.50	56.51	1.67
2023	NEG	NEG	1.80

Analysts Estimates (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change‬
Average	17.78	18.46	3.86 %

Estimates vs Actual (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change
Goldman Sachs	39.40	18.46	(53.1) %
ALEMBIC	129.40	18.46	(85.7) %
Sico	176.00	18.46	(89.5) %
Bank of America	256.86	18.46	(92.8) %
JP Morgan	(122.00)	18.46	115.1 %
Hermes	(85.00)	18.46	121.7 %
Riyad Capital	(55.00)	18.46	133.6 %
SNB Capital	(54.20)	18.46	134.1 %
AlJazira Capital	(26.80)	18.46	168.9 %
Value Capital	(26.62)	18.46	169.4 %
U-Capital	(21.70)	18.46	185.1 %
Al Rajhi Capital	3.00	18.46	515.5 %

Financial Ratios

	Current
Market Cap (M Riyal)	21,121.88
Enterprise Value (EV) (M)	18,783.35
Shares Outstanding ((M))	562.50
EPS ( Riyal) (TTM)	(0.03)
Book Value (BV) ( Riyal)	21.39
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.76
Return on Average Assets (%) (TTM)	(0.11 )
Return on Average Equity (%) (TTM)	(0.13 )

Yanbu National Petrochemical Co. (YANSAB)

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Yansab swings to SAR 485.1M loss in 2023; Q4 profit at SAR 18.5M

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Yanbu National Petrochemical Co. (YANSAB)

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