Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) reported losses of SAR 52.8 million during the first quarter (Q1) of 2020, against a net profit of SAR 114.7 million in the corresponding period of the previous year.

The company said that the main reasons behind achieving losses were lower netbacks for most of its products, lower production volumes, and SAR 280 million impairment losses.

The decline in production was primarily due to unplanned shutdown and turnaround maintenance at Al-Waha, according to a disclosure to the Saudi Stock Exchange (Tadawul) on Monday.