| Element List |
Explanation |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to |
The reason for the realized net loss during the current quarter compared to the net profit for the same quarter of the previous year is primarily due to lower refinery margins. The on-going global (Covid-19) pandemic has resulted in challenging market conditions. The impact of reduced global travel has severely impacted demand for Jet fuel. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to |
The reason for decrease in net loss for the current quarter compared to the previous quarter is mainly due to improved market conditions which have witnessed an uptick in global market demand, as normalcy (despite the on-going Covid-19 pandemic) is cautiously being restored, thus resulting in improved petrochemical margins. Also, Petro Rabigh complex was under planned total shutdown for periodic maintenance and inspection for some duration during the prior quarter. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to |
The reason for the realized net loss during the current period compared with the net profit for same period of the previous year is mainly due to the fact that Petro Rabigh complex was under planned total shutdown for periodic maintenance and inspection for 60 days during the period. In addition, product margins have been lower during the current period due to challenging economic conditions and global Covid-19 pandemic, putting further downward pressure on prices |
| Basis of the External Auditor's Opinion |
Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion |
Not Applicable. |
| Reclassification of Comparison Items |
Not Applicable. |
| Additional Information |
The accumulated losses as at September 30, 2020 according to the unaudited condensed interim financial statements for the quarter ended September 30, 2020 amounted to Saudi Riyals 2,808 million representing 32.05% of the Company's share capital of Saudi Riyals 8,760 million. The main causes of these accumulated losses is attributed to a depressed global economic outlook & a broader uncertainty in the market (made worse by the on-going Covid-19 pandemic). Further, Petro Rabigh complex was under planned total shutdown for periodic maintenance and inspection for 60 days during the period. |
Comments