Riyadh – Mubasher: The National Petrochemical Company (Petrochem) has incurred SAR 189 million worth of net losses after Zakat and tax during the second quarter (Q2) of 2020, against net profits of SAR 183 million in the corresponding quarter in 2019.

Revenue for the period ended on 30 June 2020 fell by 18.47% and reached SAR 1.346 billion, compared with SAR 1.651 billion in Q2 of last year, according to a bourse statement on Monday.

Petrochem said the losses of Q2-20 originated from the total depreciation value of the Polystyrene unit that was completely closed during the period, which resulted in generating losses of SAR 254 million.

In addition, the prices of the company’s products and other income shrank.