Riyadh – Mubasher: Saudi Aramco Total Refining and Petrochemical Company (SATORP), the mother company of Arabian Aramco Total Services Company, revealed its interim financial results for the second quarter of 2019.

The company incurred SAR 474.8 million in losses in Q2-19, against profits of SAR 457.9 million in Q2-18, according to Arabian Aramco’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The company ascribed the losses to the decrease in refining and petrochemical margins driven by market conditions in addition to the reduced refinery utilization driven by unplanned maintenance activities

Revenues of the Saudi firm plunged by 20.47% to SAR 10.05 billion during the three-month period ended in June, compared to SAR 12.6 billion in the corresponding period in the prior fiscal year.

For the first half of 2019, SATORP’s losses reached SAR 422.3 million, versus SAR 252.6 million in H1-18.

The company’s revenues inched down 0.36% year-on-year to SAR 20.3 billion during the first six months of 2019.

Loss per share recorded SAR 0.51 during the six-month period ended June, against a profit per share of SAR 0.31 in the same period of the prior year.