RIYADH: Saudi-listed Yanbu National Petrochemical Co., known as Yansab, reported a 126 percent jump in net profit in the fiscal year 2021, due to higher product selling prices.
The firm, a subsidiary of Saudi Basic Industries Corp, recorded profits of SR1.5 billion ($400 million), compared to SR678 million a year earlier.
Revenues surged from SR5.03 billion to SR7.4 billion, representing a 47 percent leap.
In a bourse filing, Yansab cited a rise in average sales prices for the increase in profit.
This came despite lower production volumes, impacted by the shutdown of the company’s facilities for maintenance, as well as higher production costs, it added.