Five Saudi Tadawul-listed petchem firms log 45% lower profit in Q3

Riyadh – Profits of five Tadawul-listed petrochemical companies dropped by 45.3% on a year-on-year (YoY) basis during the third quarter (Q3) of the year.

Combined profits of these firms netted SAR 43.95 billion during the quarter ended in September, compared to SAR 80.340 billion last year, according to data collected by Mubasher based on the companies’ earnings releases.

The net profits of the Saudi Arabian Oil Company (Saudi Aramco) hit SAR 44.21 billion ($11.79 billion) during the quarter, down by 44.6% YoY, reflecting the impact of lower crude oil prices and volumes sold, and weaker refining and chemicals margins.

Meanwhile, the National Shipping Company of Saudi Arabia (Bahri) reported SAR 313.74 million in net profits for Q3-20, a surge of 113.8% from SAR 146.7 million in the year-ago period, backed by higher returns from several operating segments and lower Zakat and income tax expense.

Aldrees Petroleum and Transport Services Company’s net earnings stood at SAR 36.9 million in the July-September period, posting a yearly surge of 122.3%, supported by an increase in fuel profit margin despite the drop in sales, fuel prices, and other income.

Moreover, Saudi Arabia Refineries Company (SARCO) moved to net profits of SAR 386,080 in the quarter, against net losses of SAR 828,335 in the previous year.

On the other hand, Rabigh Refining and Petrochemical Company (Petro Rabigh) swung to quarterly net losses of SAR 610 million, versus net profits of SAR 394 million in the same quarter a year earlier.

During the first nine months of 2020, the five companies achieved SAR 129.05 billion worth of profits, down by 49.6% when compared to SAR 256.496 billion in the prior-year period.