Saudi Satorp’s net losses widen 4% in Q1

Revenues increased to $1.55bln in Q1-21

  
An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) following the debut of Saudi Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia, December 11, 2019.

An investor monitors a screen displaying stock information at the Saudi Stock Exchange (Tadawul) following the debut of Saudi Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia, December 11, 2019.

REUTERS/Ahmed Yosri

Riyadh –  Saudi Aramco Total Refining and Petrochemical Company (Satorp) incurred a net loss after Zakat and tax of SAR 620.91 million during the first quarter (Q1) of 2021, a decrease of 3.8% from SAR 645.81 million in Q1-20.

Satorp registered a loss per share of SAR 0.75 in Q1-21, compared to SAR 0.78 in the same quarter of the prior year, according to a disclosure to Tadawul on Monday.

Revenues increased 3.9% year-on-year (YoY) to SAR 5.82 billion in Q1-21 from SAR 5.6 billion in Q1-20.

The company attributed the annual decline in Q1-21 net losses to improved refining and petrochemicals margins.

When compared to the fourth quarter (Q4) of 2020, Satorp’s net losses shrank 22% in Q1-21 from SAR 799.39 million.

Revenues also narrowed 4% quarter-on-quarter (QoQ) from SAR 6.08 billion in Q4-20.

Source: Mubasher

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