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RAPEQ Refining and Petrochemical Company (PetroRabigh) lost 2Q2019 compared to the same period last year.
The company's Tadawul data showed a net loss of 308 million riyals after Zakat and taxes in the second quarter of this year, compared with a profit of 235 million riyals in the same quarter in 2018.
The company said the second quarter net loss on an annual basis was mainly due to lower margins for refined and petrochemical products, despite the improved operating performance.
The adoption of IFRS 16 and the revaluation of the useful life of property, plant and equipment had an impact on results.
The company's sales reached 9.03 billion riyals in the second quarter, compared with 10.74 billion riyals in the same quarter last year, down 15.93 percent.
On a quarterly basis, Petro Rabigh became the second quarter loss, compared to a profit of 257 million riyals in the previous quarter.
During the first half of 2019, Petro Rabigh recorded a net loss of RO 52 million, compared to a profit of SAR 531 million after Zakat and a tax for the same period last year.
Petro Rabigh sold 17.46 billion riyals in the first half of the year, compared to 20.59 billion riyals in the first half of 2018, down 15.24 percent.
The company 's profit fell by 13.2% in the first quarter of 2019 to reach 257 million riyals, compared with 296 million riyals for the same period last year.
The company closed the day losing 1.4% to 20.84 riyals.
appointments:
Remittances in Saudi Arabia fall 13.7% in first half
POS sales in Saudi Arabia rose 7.4% in June
SAMA's badets increase 1.3% from one year to the next in June
The general reserve of the Saudi government increases by 20.6 billion riyals by the end of June
Foreign exchange reserves of Saudi Arabia abroad increase by $ 6.3 billion at the end of June
Saudi Arabia tops GCC obligations and obligations
"Saudi Real Estate "launches the pilot phase of lending support to beneficiaries before wages
Saudi Arabia: 260,000 residents prevented from entering Mecca because of permits
Citizen Account Program announces the date of taking charge of August exchanges
The Royal Court announces the death of Prince Bandar bin Abdulaziz Al Saud
The Saudi workforce makes the decision to settle in the tourist accommodation sector
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