The initial financial statements of Rabigh Refining and Petrochemical Company (Petro Rabigh) showed that the company had transferred losses at the end of the first quarter of this year.
According to the results of the company for the Saudi market (Tadawul) today, the losses of the first quarter of 2020 amounted to about 1.8 billion riyals, compared to profits of 257 million riyals for the same period of the year 2019.
The company said in a statement to the stock exchange that the losses are mainly due to the complete suspension of the industrial complex of the company for a period of 60 days, starting from March 1, 2020, in order to carry out the comprehensive and previously scheduled periodic maintenance. .
The negative profit margin for refined products and the lower profit margin for petrochemical products as a result of weak global demand during the Corona virus (Covid 19) pandemic period also contributed to further losses. < / p>
The company's sales in the first quarter of this year fell by about 51.8%, to reach 4.06 billion riyals, compared to 8.43 billion riyals for the same period last year.
>
