Petrochem's profit is down 31.6% in the third quarter

The profits of the National Petrochemical Company (Petrochem) decreased by 31.6% to reach 117 million riyals in the third quarter of 2020, compared to 171 million riyals in the same quarter of Last year.

According to Arabiya Net, the company attributed the reason for the decrease in net profit during the current quarter compared to the same quarter of the previous year to a decrease in the prices of the subsidiaries' products mainly.

while it was converted on a quarterly basis to profitability, as it recorded profits against a loss that the company incurred in the second quarter of this year, which amounted to 189 million riyals at the time.

On the level of the company's profits during the first nine months of the current year, it recorded a net loss of about 22 million riyals, compared to a profit of 542 million riyals for the same period of the year The past.

the company said that the reasons for its shift to loss during the first nine months of 2020 are due to two factors, namely the depreciation of the entire value of the polystyrene unit that was discontinued during the current period. Petrochem from this depreciation amounted to 254 million riyals, while the second factor is due to the decrease in the prices of the subsidiaries' products during the current period compared to the prices of the same period of the previous year.