Riyadh – Mubasher: Rabigh Refining & Petrochemical Company (Petro Rabigh) on Thursday announced a 548.7% rise in losses for the first quarter of 2017, compared to Q1-16.
The company’s losses amounted to SAR 240 million in Q1-17, compared to SAR 37 million in Q1-16, according to a filing to the Saudi Stock Exchange (Tadawul).
Petro Rabigh attributed the losses to lower margins on refined products, the downward trend in crude oil prices that affected the valuation of stored quantities, in addition to the halt of the air separation unit in Q1-17.
Sales increased 35% to SAR 6.7 million in Q1-17, compared to SAR 4.95 million in the same quarter in the year before.
Rabigh’s stock closed in the red zone at SAR 14.50 on Thursday, losing 3.1%.
