Yanbu National Petrochemicals Company

COMPANY DESCRIPTION

Yanub National Petrochemical Company (Yansub) is a Saudi business that develops products for the petrochemical industry. It is 51 percent owned by Saudi Basic Industries Company, while Saudi Industrial Investment Company holds a four percent interest. About 10 percent of the equity is divided between 17 private companies, and the remaining 35 percent is owned by Saudi nationals through an IPO.

The company racked up SAR30.4m ($8.1m) losses in 2007, which have since dropped 16 percent to SAR25.6m ($6.8m) for 2008. The losses per share during the same period were SAR0.045 (1.2 US cents) compared to SAR0.054 (1.4 US cents) last year.

According to Yansub bosses, the drop in losses stem from a reduction in operational expenses. They also said that such losses are normal for companies that are still in the pre-operating stages of development.