The financial statements of Rabigh Refining and Petrochemical Company (Petro Rabigh) showed that the company had lost ground at the end of the first nine months of this year compared to the same period in 2019.
According to the company's results for the Saudi market (Tadawul), today, Tuesday, losses for the period amounted to 3.842 billion riyals, compared to the profits of the first nine months of last year, worth 343 million riyals.
The company said in a statement to the Stock Exchange that the negative shift in results during the comparison periods is mainly due to the complete suspension of the company's industrial complex to carry out comprehensive and previously scheduled maintenance for a period of 60 days.
The company also attributed the review of the results to the decrease in the profit margins of products due to the difficult market conditions and the new Corona virus (Covid 19); As a result, the demand for products decreased and the prices were greatly reduced.
The company recorded losses of 610 million riyals in the third quarter of this year, compared to the profits of the same period last year of 394 million riyals.
