Riyadh – Mubasher: Saudi Aramco Total Refining and Petrochemical Company (Satorp) incurred a net loss after Zakat and tax of SAR 620.91 million during the first quarter (Q1) of 2021, a decrease of 3.8% from SAR 645.81 million in Q1-20.

Satorp registered a loss per share of SAR 0.75 in Q1-21, compared to SAR 0.78 in the same quarter of the prior year, according to a disclosure to Tadawul on Monday.

Revenues increased 3.9% year-on-year (YoY) to SAR 5.82 billion in Q1-21 from SAR 5.6 billion in Q1-20.

The company attributed the annual decline in Q1-21 net losses to improved refining and petrochemicals margins.

When compared to the fourth quarter (Q4) of 2020, Satorp’s net losses shrank 22% in Q1-21 from SAR 799.39 million.

Revenues also narrowed 4% quarter-on-quarter (QoQ) from SAR 6.08 billion in Q4-20.