Saudi Aramco Total Refining and Petrochemical Co. (SATORP) turned to a net loss after Zakat and tax of SAR 645.8 million (SAR 0.78 per share) for the first quarter of 2020, against a net profit of SAR 52.5 million in the same period a year earlier.
The losses were attributed to a decline in refining and petrochemical margins due to market conditions, and scheduled maintenance activities for the Refinery Train 2 units.
Total shareholders' equity dropped to SAR 6.51 billion (without minority interest) compared to SAR 8.91 billion in year-earlier period.
|
Income statement |
|||
|
Period |
Q1 2019 |
Q1 2020 |
Change (%) |
|
Revenue (SAR mln) |
10253.6 |
5605.2 |
(%45) |
|
Net profit (SAR mln) |
52.5 |
(645.8) |
-- |
|
Number of shares (mln) |
825.0 |
825.0 |
-- |
|
Earnings per share (SAR/share) |
0.06 |
(0.78) |
-- |
When compared to the previous quarter, the company turned to losses on lower refining and petrochemical margins driven by market conditions.
|
SATORP net income since 2018 |
||
|
Period |
Net income (SAR mln) |
Earnings per share (SAR) |
|
2018 |
||
|
Q1 |
(205.3) |
(0.25) |
|
Q2 |
457.9 |
0.56 |
|
Q3 |
352.1 |
0.43 |
|
Q4 |
( 157.8 ) |
( 0.19 ) |
|
2019 |
||
|
Q1 |
52.5 |
0.06 |
|
Q2 |
(474.9) |
(0.58) |
|
Q3 |
(494.0) |
(0.60) |
|
Q4 |
274.8 |
0.33 |
|
2020 |
||
|
Q1 |
(645.8) |
(0.78) |
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