SABIC affiliate, the Yanbu National Petrochemical Company (YANSAB) reported net pre-operating profits of SAR 94.4 million for the first fiscal year beginning February 11, 2006 and ending December 31, 2007. Profit per share in this 22 month period is SAR 0.17. 4Q 2007 losses amounted to SAR 23.5 million versus profits of SAR 4.7 million during the same period in 2006.
Mutlaq Al-Morished, Chairman of the Board of Directors of YANSAB and SABIC Vice President for Corporate Finance reported: “Quarterly losses are attributed to higher Zakat and lower revenues in other areas. 1Q 2007 loss per share was SAR 0.04 compared to SAR 0.01 earnings per share in the same period last year.”
“The YANSAB complex is still a project under construction in Yanbu industrial city. All profits and losses shown are income and non-operating expenses. The complex implementation works are well underway."
"Engineering and supply works of most of the complex units are almost complete. The percentage of completed construction work alone by the end of last year was 66%, while the average completion of engineering, supply and construction as a whole was 84%. By the end of 2007, YANSAB started receiving notices of completion of some parts of the units of facilities and external services. The complex is expected to start commissioning in the second half of this year”., Al-Morished added.
Saudi Basic Industries Corporation
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