Reasons for declining net profit during the year 2020:
1- The jointly managed projects achieved losses of (15) million riyals for the current period, compared to profits of 274 million riyals for the same period of the previous year, due to the sharp decline in product prices, as a result of the global economy affected by the Corona pandemic.
2- The decline of the group’s share in the profits of the National Petrochemical Company (Petrochem) to reach 114 million riyals for the current period compared to 336 million riyals for the same period of the previous year, as a result of a decrease in the selling prices of products, in addition to Petrochem’s loss of the entire value of the polystyrene unit, which was suspended During the current period, the group’s share of this operation amounted to a loss of (127) million riyals.
3- Decrease in other income.