Riyadh – Mubasher: SATORP, the parent company of Arabian Aramco Total Services Company, incurred net losses of SAR 804.4 million during the third quarter (Q3) of 2020, a year-on-year (YoY) rise of 62.8%.
The surge in quarterly loss resulted from a decrease in refining and petrochemical margins, driven by market conditions, according to a bourse disclosure on Monday.
Revenue for the July-September period of this year reached SAR 5.98 billion, down by 26.5% when compared to SAR 8.14 billion in the year-ago period.
In the first nine months of 2020, the company’s losses deepened by 95.8% on a yearly basis to SAR 1.79 billion.
