Rabigh Refining and Petrochemical Company's net losses increased by 595% during 2020, to reach To 3.781 billion riyals, compared to 544 million riyals losses in 2019.
and the reason for the increase in net loss during the current year 2020 compared to the previous year 2019, Mainly to the complete suspension of the company's industrial complex to carry out comprehensive and previously scheduled maintenance for a period of 60 days during the current year, in addition to the global economic recession, widespread market ambiguity, and the continuation of the Corona pandemic, which led to a decrease in demand for products and consequently a further decline in prices, according to a statement The company for the Saudi Stock Exchange traded today, Wednesday.
The company referred to the results for the year ending December 31, 2020, which also include operations The company’s first year expansion project (phase two), which commenced its commercial operations as of October 31, 2019.
Petro Rabigh said that the fourth quarter of 2020 witnessed an improvement in the profit margin of products in light of improved market conditions, coupled with the company's tireless efforts to maintain the stability of the operating business of its facilities and reduce Operating costs, which culminated in positive results for the last quarter of the fiscal year ending on December 31, 2020, compared to the previous year.
and added that the losses accumulated according to the audited financial statements for the period ending on December 31, 2020, It amounted to 2.804 billion riyals, representing 32.01% of the company's capital, which is 8.760 billion riyals.
