Saudi petrochemical firm Yansab sees 57% drop in profit on higher costs

RIYADH: Saudi-listed Yanbu National Petrochemical Co., known as Yansab, reported a 57 percent profit drop for the first nine months of 2022, weighed down by higher costs.

A subsidiary of Saudi Basic Industries Corp., Yanbu’s profits dropped to SR511 million ($136 million) for the period ending Sept. 30, compared to SR1.2 billion in the same period a year earlier.

On the heels of the announcement, its shares dipped 3.00 percent at 10:07 a.m. Saudi time to reach SR45.30.