Yanbu National Petrochemical : Interim Condensed Financial Statements (Unaudited) - Period Ended 31 March 2023

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

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE THREE-MONTH PERIOD ENDED 31 MARCH 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 PERIOD ENDED 31 MARCH 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 31 March 2023 and the related condensed interim statements of income, comprehensive income, changes in equity and cash flows for the three-month period then ended 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

3 May 2023

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 31	As at 31
	Note	March 2023	December 2022*
Assets
Non-current assets
Property, plant and equipment	4	9,433,130	9,230,224
Right-of-use assets	5	159,609	141,203
Intangible assets		18,105	32,240
Other assets and receivables		305,955	317,114
Total non-current assets		9,916,799	9,720,781
Current assets
Inventories		769,144	860,252
Trade receivables		889,539	2,015,662
Other assets and receivables - current	15	292,571	369,472
Short-term investments	15	3,382,968	3,480,934
Cash and cash equivalents		96,025	232,490
Total current assets		5,430,247	6,958,810
Total assets		15,347,046	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		178,763	198,904
Retained earnings		5,466,600	6,539,449
Total equity		12,957,863	14,050,853
Non-current liabilities
Lease liabilities	5	149,310	134,757
Employees' benefits		866,047	844,973
Total non-current liabilities		1,015,357	979,730
Current liabilities
Lease liabilities - current	5	20,023	13,077
Employees' benefits - current		115,169	110,906
Trade payables		356,934	593,047
Accruals and other current liabilities		661,521	744,099
Zakat payable	6	220,179	187,879
Total current liabilities		1,373,826	1,649,008
Total liabilities		2,389,183	2,628,738
Total equity and liabilities		15,347,046	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 ended
	Note		31 March
		2023	2022*
Revenue	7, 15	667,014	1,979,413
Cost of revenue		(906,644)	(1,542,110)
Gross (loss) / profit	15	(239,630)	437,303
Selling and distribution expenses		(38,096)	(37,574)
General and administrative expenses		(92,994)	(95,125)
Other operating income	15	4,441	13,874
Other operating expenses	15	(335)	(1,931)
(Loss) / income from operations	15	(366,614)	316,547
Finance income		41,598	10,566
Finance costs		(12,408)	(6,248)
(Loss) / income before zakat		(337,424)	320,865
Zakat	6	(32,300)	(37,834)
Net (loss) / income for the period		(369,724)	283,031
(Loss)/earnings per share
Basic and diluted (loss) / earnings per share
attributable to ordinary equity holders of the
Company (Saudi Riyals)		(0.66)	0.50

*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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