Riyadh – Mubasher: SATORP, the parent company of Arabian Aramco Total Services Company, suffered SAR 493.9 million in losses during the third quarter of 2019, versus profits of SAR 352.1 million in Q3-18.
Total revenues fell by SAR 35% year-on-year to SAR 8.14 billion during the three-month period between July and September, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Sunday.
The Saudi firm attributed the move to losses in Q3-19 to the decrease in refining & petrochemical margins driven by market conditions in addition to the reduced refinery utilization driven by unplanned maintenance activities.
During the nine-month period ended September, SATORP’s net losses after zakat and tax reached SAR 916 million, against profits of SAR 604.74 million in the same period a year ago.
On a yearly basis, revenues went down by 13.7% to SAR 28.45 billion by the end of September.
Loss per share stood at SAR 1.11 in nine months, versus a profit per share of SAR 0.73 in the corresponding period of 2018.
