Riyadh – Mubasher: National Petrochemical Co. (Petrochem) on Thursday achieved a net loss of SAR 127.1 million ($33.89 million) in the fourth quarter of 2016 against net profits of SAR 178.3 million ($47.55 million).
The company attributed the losses to the planned periodic maintenance shutdowns which were from 1 October to 29 November, according to a bourse filing.
The Saudi-listed company's Q4 results beat the average estimates of KSA research firms of SAR 84.3 million net losses, with a 50.88% hike.
Petrochem also reported a net profit of SAR 395 million in the twelve months of 2016, registering a decline of 56.45% from SAR 906.9 million in 2015.
The decrease in 2016 results was due to the decline in the quantity and the average selling prices of the goods sold, higher financing charge, adding to planned periodic maintenance, the statement said.
