Yanbu National Petrochemical (2290) Q4 2024 earnings summary

Executive summary

• Achieved a net income of SR 420.3 million in 2024, reversing a net loss of SR 485.1 million in 2023.

• Total revenue rose to SR 6.16 billion in 2024, up from SR 4.53 billion in 2023.

• Comprehensive income for 2024 reached SR 460.9 million, including actuarial gains.

• Board approved total dividends of SR 1.125 billion for 2024.

Financial highlights

• Gross profit was SR 954.1 million in 2024, compared to a gross loss of SR 53.4 million in 2023.

• Operating income reached SR 403.7 million, up from a loss of SR 486.3 million year-over-year.

• Earnings per share improved to SR 0.75 from a loss per share of SR 0.86.

• Cash and cash equivalents at year-end were SR 97.7 million, down from SR 450.1 million.

• Total assets stood at SR 14.1 billion, with equity of SR 11.2 billion as of December 31, 2024.

Outlook and guidance

• Subsequent to year-end, feedstock price increases from Saudi Aramco are expected to raise annual cost of sales by approximately 2.6% starting Q1 2025.

• No other significant subsequent events impacting financial position were noted.