YANBU NATIONAL PETROCHEMICAL COMPANY (YANSAB)
(A Saudi Joint Stock Company)
CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED 30 JUNE 2023 AND REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS
YANBU NATIONAL PETROCHEMICAL COMPANY (YANSAB) (A Saudi Joint Stock Company)
CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED 30 JUNE 2023
Page | |
Report on review of condensed interim financial statements | 2 |
Condensed interim statement of financial position | 3 |
Condensed interim statement of income | 4 |
Condensed interim statement of comprehensive income | 5 |
Condensed interim statement of changes in equity | 6 |
Condensed interim statement of cash flows | 7 |
Notes to the condensed interim financial statements | 8 - 16 |
Report on review of condensed interim financial statements
To the shareholders of Yanbu National Petrochemical Company (YANSAB) (A Saudi Joint Stock Company)
Introduction
We have reviewed the accompanying condensed interim statement of financial position of Yanbu National Petrochemical Company (YANSAB) (the "Company") as of 30 June 2023 and the related condensed interim statements of income and comprehensive income for the three-month and six- month periods then ended and the condensed interim statements of changes in equity and cash flows for the six-month period ended 30 June 2023 and other explanatory notes. Management is responsible for the preparation and presentation of these condensed interim financial statements in accordance with International Accounting Standard 34 - "Interim Financial Reporting" ("IAS 34"), as endorsed in the Kingdom of Saudi Arabia. Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of interim financial information performed by the independent auditor of the entity", as endorsed in the Kingdom of Saudi Arabia. A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, as endorsed in the Kingdom of Saudi Arabia, and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial statements are not prepared, in all material respects, in accordance with IAS 34, as endorsed in the Kingdom of Saudi Arabia.
PricewaterhouseCoopers
Bader I. Benmohareb
License Number 471
25 July 2023
PricewaterhouseCoopers, License No. 25,
Jameel Square, P.O. Box 16415, Jeddah 21464, Kingdom of Saudi Arabia
T: +966 (12) 610-4400, F: +966 (12) 610-4411,www.pwc.com/middle-east
YANBU NATIONAL PETROCHEMICAL COMPANY (YANSAB) (A Saudi Joint Stock Company)
Condensed interim statement of financial position
(All amounts in Saudi Riyals thousands unless otherwise stated)
As at 30 | As at 31 | ||
Note | June 2023 | December 2022* | |
Assets | |||
Non-current assets | |||
Property, plant and equipment | 4 | 9,344,540 | 9,230,224 |
Right-of-use assets | 5 | 154,915 | 141,203 |
Intangible assets | 17,643 | 32,240 | |
Other assets and receivables | 358,376 | 317,114 | |
Total non-current assets | 9,875,474 | 9,720,781 | |
Current assets | |||
Inventories | 828,682 | 860,252 | |
Trade receivables | 1,365,833 | 2,015,662 | |
Other assets and receivables - current | 15 | 376,983 | 369,472 |
Short-term investments | 15 | 2,529,668 | 3,480,934 |
Cash and cash equivalents | 244,820 | 232,490 | |
Total current assets | 5,345,986 | 6,958,810 | |
Total assets | 15,221,460 | 16,679,591 | |
Equity and liabilities | |||
Equity | |||
Share capital | 5,625,000 | 5,625,000 | |
Statutory reserve | 1,687,500 | 1,687,500 | |
Actuarial reserve | 199,426 | 198,904 | |
Retained earnings | 4,931,539 | 6,539,449 | |
Total equity | 12,443,465 | 14,050,853 | |
Non-current liabilities | |||
Lease liabilities | 5 | 142,892 | 134,757 |
Employees' benefits | 849,546 | 844,973 | |
Total non-current liabilities | 992,438 | 979,730 | |
Current liabilities | |||
Lease liabilities - current | 5 | 27,945 | 13,077 |
Employees' benefits - current | 119,565 | 110,906 | |
Trade payables | 370,531 | 593,047 | |
Accruals and other current liabilities | 1,173,316 | 744,099 | |
Zakat payable | 6 | 94,200 | 187,879 |
Total current liabilities | 1,785,557 | 1,649,008 | |
Total liabilities | 2,777,995 | 2,628,738 | |
Total equity and liabilities | 15,221,460 | 16,679,591 |
*In respect of 2022 comparative year, refer to Note 15 for certain reclassifications made.
The notes from 1 to 15 are an integral part of these condensed interim financial statements.
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YANBU NATIONAL PETROCHEMICAL COMPANY (YANSAB) (A Saudi Joint Stock Company)
Condensed interim statement of income
(All amounts in Saudi Riyals thousands unless otherwise stated)
For the three-month period | For the six-month period | |||||
Note | ended 30 June | ended 30 June | ||||
2023 | 2022* | 2023 | 2022* | |||
Revenue | 7, 15 | 1,322,882 | 2,068,873 | 1,989,896 | 4,048,286 | |
Cost of revenue | (1,230,703) | (1,661,776) | (2,137,347) | (3,203,886) | ||
Gross profit / (loss) | 15 | 92,179 | 407,097 | (147,451) | 844,400 | |
Selling and distribution expenses | (18,005) | (20,575) | (56,101) | (58,149) | ||
General and administrative | ||||||
expenses | (69,318) | (102,283) | (162,312) | (197,408) | ||
Other operating income | 15 | 8,261 | 39,738 | 12,702 | 53,612 | |
Other operating expenses | 15 | (97) | (2,388) | (432) | (4,319) | |
Income / (loss) from operations | 15 | 13,020 | 321,589 | (353,594) | 638,136 | |
Finance income | 41,623 | 14,216 | 83,221 | 24,782 | ||
Finance costs | (12,100) | (6,762) | (24,508) | (13,010) | ||
Income / (loss) before zakat | 42,543 | 329,043 | (294,881) | 649,908 | ||
Zakat | 6 | (15,104) | (40,547) | (47,404) | (78,381) | |
Net income / (loss) for the period | 27,439 | 288,496 | (342,285) | 571,527 | ||
Earnings / (loss) per share | ||||||
Basic and diluted earnings / (loss) | ||||||
per share attributable to | ||||||
ordinary equity holders of the | ||||||
Company (Saudi Riyals) | 0.05 | 0.51 | (0.61) | 1.02 |
*In respect of 2022 comparative year, refer to Note 15 for certain reclassifications made.
The notes from 1 to 15 are an integral part of these condensed interim financial statements.
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Yanbu National Petrochemical Company SJSC published this content on 25 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 July 2023 08:07:04 UTC.