Saudi Arabia's Petrochem reports huge losses in 2012

National Petrochemical Company (Petrochem; Riyadh) has announced the audited consolidated financial results for the full-year ended 31 December 2012. The company reported a net loss of 463.5 million Saudi riyals ($123.6 million) in 2012 compared with a net loss of SR64.1 million in the previous year. The loss per share amounted to SR0.97 compared with a loss of SR0.13 a year earlier. Operating loss amounted to SR682 million compared with operating loss of SR47.1 million in 2011. Revenues were not disclosed. The company cites a shutdown of Saudi Polymers’...

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