SATORP widens 9M 2020 losses by 96% to SAR 1.79 bln
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Saudi Aramco Total Refining and Petrochemical Co. (SATORP) widened net loss after Zakat and tax to SAR 1.79 billion (SAR 2.17 per share) for the first nine months of 2020, compared to a loss of SAR 916.4 million in the same period last year.
The increase in loss was attributed to the refinery undergoing major planned maintenance activities (turnaround) on the refinery's train 2, which reduced the overall processing capacity. The firm also noted lower product margins driven by market conditions.
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In Q3 2020, net losses widened by 63% year-on-year (YoY) to SAR 804.4 million due to a decrease in refining and petrochemical margins driven by market conditions.