Yanbu National Petrochemical Company (Yansab) announces the preliminary financial results for the period ending March 31, 2009:-

1. Realized net loss of (SR 8.2) Million for the 1st QTR 2009 compared to net loss of (SR 6.9) Million for the 1st QTR 2008 higher by 19% and net loss of (SR 7.6) Million for the 4rd QTR 2008 higher by 8%.

2. The per share loss for the three months ending March 31, 2009 was (SR 0.015) compared to per share loss of (SR 0.012) for the 1st QTR 2008.

3. Increase in losses during the 1st QTR 2009 is due to increase in some of General and Administrative expenses items.

4. Yansab still in the pre operating stage and realizing loss is the norm for such a stage as all the gains or losses during this stage are classified as none operational.

On this occasion, Eng. Mutlaq AL-Morished, Yansab Chairman of the Board and SABIC CFO, stated that all EPC works related to Olefins Plant and Ethylene Glycol Plant has been completed and plants have been received from the contractors, citing that PLANT COMPLETION of these 2 plans have been achieved and focus now is on the final phase of preparation for production.