p>

The company said in a statement to the Saudi market (Tadawul) today, Thursday, that the reason for achieving a net loss in the past year is due to the low profit margin for refined and petrochemical products.

>

According to the statement, the fourth quarter of 2019 witnessed a sharp deterioration in market prices and this had a negative impact on the company's results.

The prevailing and uncertain global economic forecasts, coupled with the lack of demand for products, have put pressure on their prices, causing a decrease more than expected despite the company maintaining the best sustainability of operational performance throughout 2019 as a result of the robustness of its operating programs and cost-saving efforts.

The results were also affected by the adoption of IFRS 16 and the revaluation of the useful lives of property, plant and equipment.