Yanbu National Petrochemical : Interim Condensed Financial Statements (Unaudited) - Period Ended 30 September 2022

YANBU NATIONAL PETROCHEMICAL COMPANY (YANSAB)

(A Saudi Joint Stock Company)

CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED 30 SEPTEMBER 2022

AND REPORT ON REVIEW OF INTERIM FINANCIAL STATEMENTS

YANBU NATIONAL PETROCHEMICAL COMPANY (YANSAB) (A Saudi Joint Stock Company)

CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED 30 SEPTEMBER 2022

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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 September 2022 and the related condensed interim statements of income and comprehensive income for the three-month and nine-month periods then ended and condensed interim statements of changes in equity and cash flows for the nine-month period ended 30 September 2022 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

30 October 2022

PricewaterhouseCoopers, License No. 25,

Jameel Square, P.O. Box 16415, Jeddah 21464, Kingdom of Saudi Arabia

T: [phone], F: [phone],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
		September	December
	Note	2022	2021
		(Unaudited)	(Audited)
Assets
Non-current assets
Property, plant and equipment	3	9,367,739	10,128,188
Right-of-use assets		145,133	143,137
Intangible assets		19,011	22,047
Other non-current assets	4	332,320	200,933
Total non-current assets		9,864,203	10,494,305
Current assets
Inventories		930,081	1,108,706
Trade receivables		2,073,173	2,349,622
Prepayments and other current assets	5	650,856	360,476
Short-term investments	6	3,362,400	3,518,450
Cash and cash equivalents		26,000	276,418
Total current assets		7,042,510	7,613,672
Total assets		16,906,713	18,107,977
Equity and liabilities
Equity
Share capital	7	5,625,000	5,625,000
Statutory reserve		1,687,500	1,687,500
Actuarial reserve		258,605	(82,913)
Retained earnings		6,635,875	7,812,804
Total equity		14,206,980	15,042,391
Non-current liabilities
Lease liabilities		133,422	124,243
Employee benefits	8	900,325	1,155,964
Total non-current liabilities		1,033,747	1,280,207
Current liabilities
Lease liabilities - current portion		16,697	22,004
Trade payables		575,944	205,350
Accruals and other current liabilities	9	912,489	1,354,317
Zakat payable	10	160,856	203,708
Total current liabilities		1,665,986	1,785,379
Total liabilities		2,699,733	3,065,586
Total equity and liabilities		16,906,713	18,107,977

The notes from 1 to 17 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		For the nine-month
		period ended 30		period ended 30
	Note		September			September
		2022	2021	2022	2021
		(Unaudited) (Unaudited)		(Unaudited) (Unaudited)
Revenue from contracts with
customers		1,595,416	1,779,606	5,627,977	5,485,618
Cost of revenue		(1,520,956)	(1,435,996)	(4,724,842)	(3,838,431)
Gross profit		74,460	343,610	903,135	1,647,187
Selling and distribution
expenses		(19,486)	(31,250)	(77,635)	(83,267)
General and administrative
expenses		(101,013)	(96,956)	(298,421)	(295,191)
(Loss) / income from
operations		(46,039)	215,404	527,079	1,268,729
Finance income		21,039	4,970	45,821	16,522
Finance costs		(17,669)	(7,488)	(30,679)	(21,350)
Other income - net		17,556	9,312	82,574	84,375
(Loss) / income before
zakat		(25,113)	222,198	624,795	1,348,276
Zakat	10	(35,843)	(42,418)	(114,224)	(151,838)
Net (loss) / income for the
period		(60,956)	179,780	510,571	1,196,438
(Loss)/earnings per share
Basic and diluted (loss) /
earnings per share
attributable to ordinary
equity holders of the
Company (Saudi Riyals)	11	(0.11)	0.32		0.91	2.13

The notes from 1 to 17 are an integral part of these condensed interim financial statements.

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