Riyadh - Mubasher: Saudi Aramco Total Refining and Petrochemical Company (SATORP) registered net losses after Zakat and tax of SAR 645.8 million in the first quarter (Q1) of 2020, against profits of SAR 52.5 million in the corresponding period a year earlier, as announced by Arabian Aramco Total Services Company.

Year-on-year (YoY), revenues plunged by 45.3% to stand at SAR 5.6 billion in the period ending on 31 March 2020 when compared to SAR 10.2 billion in Q1-19, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The turn to losses in Q1-20 is ascribed to the carrying out of scheduled maintenance works for the Refinery Train 2 units which lowered income, and refining and petrochemical margins that resulted from market conditions.

Source: Mubasher

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