The financial statements of the National Petrochemical Company (Petrochem) showed the company turned to losses in the second quarter of this year compared to the profits for the corresponding period of 2019.
According to the results of the company for the Saudi market (Tadawul) today, the losses for the period amounted to 189 million riyals, compared to the profits for the same period in 2019 of 183 million riyals. p>
The company said in a statement to the Stock Exchange that the negative shift in the results during the comparison periods is due to the depreciation of the entire value of the styrene unit that was stopped during the period, where Petrochem losses amounted to These depreciations are approximately 254 million riyals. This is in addition to lower prices for the company's products and other revenue.
The company also incurred losses of 139 million riyals in the first half of this year, compared to the profits of the first half of last year of 371 million riyals.
(Fun Knowledge of Knowledge)
