Riyadh – Mubasher: Rabigh Refining and Petrochemical Company (Petro Rabigh) disclosed its interim financial results for the second quarter of 2019.

Net losses after zakat and tax amounted to SAR 308 million in Q2-19, against profits of SAR 235 million in Q2-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Monday.

The reason for the net loss during Q2-19 was attributed to lower refined and petrochemical products margins, despite improved operating performance.

Total revenues retreated by 15.9% to SAR 9.03 billion by the end of June, compared to SAR 10.7 billion in the corresponding period of 2018.

For the first six months of 2019, Petro Rabigh incurred SAR 52 million in losses, versus profits of SAR 531 million in H1-18.

Revenues of the Saudi firm plunged by 15.2% year-on-year to SAR 17.4 billion during the six month period between January and June.