Riyadh – Mubasher: The net losses of Rabigh Refining and Petrochemical Company (Petro Rabigh) widened by 595% on an annual basis in the year 2020.
Losses of the Tadawul-listed firm netted SAR 3.78 billion last year, compared with SAR 544 million in 2019, according to a bourse filing on Wednesday.
This increase in losses was driven by the 60-day shutdown of the PRC complex for periodic test and inspection, coupled with the challenging market conditions due to the prevailing economic uncertainties and the Covid-19 pandemic.
However, the fourth quarter witnessed higher profit margins for products given the improved market conditions.
The company's revenues tumbled by 35.8% annually in 2020 to stand at SAR 21.87 billion.
