Yanbu National Petrochemical (2290) Q3 2024 earnings summary

Executive summary

• Achieved net income of SAR 454.9 million for the nine months ended 30 September 2024, reversing a net loss of SAR 503.6 million in the prior year period.

• Revenue rose to SAR 4.67 billion for the nine-month period, up from SAR 3.09 billion year-over-year, driven by higher product prices and demand.

• Comprehensive income for the nine months reached SAR 440.9 million, compared to a comprehensive loss of SAR 435.6 million last year.

Financial highlights

• Gross profit for the nine months was SAR 851.5 million, compared to a gross loss of SAR 191.5 million year-over-year.

• Earnings per share for the nine months were SAR 0.81, versus a loss per share of SAR 0.90 in the prior year.

• Operating cash flow for the nine months was SAR 1.11 billion, down from SAR 513.5 million in the prior year.

• Total assets stood at SAR 14.12 billion as of 30 September 2024.

Outlook and guidance

• Management notes increased feedstock costs but expects continued benefit from higher product prices and international demand.