Riyadh – Mubasher: Rabigh Refining and Petrochemical Company (Petro Rabigh) swung to net losses of SAR 610 million in the third quarter (Q3) of 2020, versus net profits of SAR 394 million in the same quarter a year earlier.

The return to losses was driven by the challenging market conditions and the prevailing coronavirus pandemic, which led to lower refinery margins, according to a bourse statement on Tuesday.

Moreover, the decline in global travel has severely impacted demand for Jet fuel.

Revenues amounted to SAR 7.1 billion in the three-month period ended 30 September 2020, a yearly decrease of 19.3%.

Over the first nine months of the year, the Tadawul-listed firm turned to a net loss of SAR 3.8 billion, against a net profit of SAR 343 million in the year-ago period.