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Yansab earnings, sales rise in the first quarter of 2021

April 20/2021

MOSCOW (MRC) -- Yanbu National Petrochemical Co. (Yansab) reported a net profit after Zakat and tax of SAR 420.3 million for the first quarter of 2021, compared to a net profit of SAR 104.5 million in year-earlier period, said Argaam.  

The robust rise was fueled by an increase in average selling prices of all products despite lower production and sales volume, and higher feedstock average costs. Moreover, the company recorded SAR 64 million in impairment of ongoing capital works.

Yansab reported profit rise of 26.3% when compared to the previous quarter.   

Shareholders equity, excluding minority interest, decreased 3.7% to SAR 14.791 billion in Q1 2021, from SAR 15.262 billion a year earlier.

As per MRC, Yanbu National Petrochemical Company (Yansab), part of Saudi Basic Industries Corporation (Sabic), restarted its cracker after a planned turnaround. Thus, the cracker in Yanbu, Saudi Arabia, which can produce 1.38 mln mt/year of ethylene and 400,000 mt/year of propylene, resumed operations on 15 February, 2021. It was shut for a turnaround on 5 February.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 241,030 tonnes in January 2021 versus 217,890 tonnes a year earlier. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased. At the same time, PP shipments to the Russian market reached 141,870 tonnes in January 2021 versus 123,520 tonnes a year earlier. Supply of homopolymer PP and PP block copolymers increased.

Yansab is the most recent SABIC, (Saudi Basic Industries Corp), affiliate in Saudi Arabia, and will be the largest Sabic petrochemical complex. It will have an annual capacity exceeding 4 million metric tons (MT) of petrochemical products including: 1.3 million MT (metric-tons) of ethylene; 400,000 MT of propylene; 900,000 MT of polyethylene; 400,000 MT of polypropylene; 700,000 MT of ethylene glycol; 250,000 MT of benzene, xylene and toluene, and 100,000 MT of butene-1 and butene-2.
Author:Anna Larionova
Tags:PP, PE, ethylene, propylene, Yansab.
Category:General News
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