Rabigh Refining and Petrochemical Company (Petro Rabigh) losses increased by 366% to reach 1.44 billion riyals in the second quarter of this year, compared to 308 million riyals losses during the same From last year.
According to Arabia Net, the company's sales during the same period decreased by 70% to 2.7 billion riyals. During the first half, the company's losses increased by about 6115.4% to 3.23 billion riyals.
The company attributed, in a statement to the Saudi Stock Exchange, Tadawul, the increase in the net loss for the current quarter to the complete suspension of the company’s industrial complex at the end of the previous quarter and the beginning of the current quarter in order to perform maintenance The comprehensive and previously scheduled periodic results, which led to a decrease in the average refinery production by 48% compared to the same period in the previous year, a decrease in the total revenue of refined products by 78%, and a decrease in the volume of petrochemical products by 23%.
In addition to the decrease in profit margin for products during this quarter due to the difficult economic conditions, the persistence of the pandemic, the decrease in demand for products, and hence the price drop further.
(Fun Knowledge of Knowledge)
