National Petrochemical Company Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
The net loss for the twelve months ended December 31, 2012 was SAR 456 million compared to a net loss of SAR 64 million for the same twelve months in 2011, representing an increase in losses of 613%. The loss per share amounted to SAR 0.95 compared to SAR 0.13 for the same period in 2011. The operating loss amounted to SAR 666 million compared to SAR 47 million for the same twelve months in 2011. This represents an increase of 1,317%. The main reasons for the increase in losses & operating losses in the twelve months 2012 compared to the same twelve months in 2011 is that the company had announced commercial operation at the beginning of fourth quarter of 2012, then the company project (Saudi Polymers Company) had to shut down after only 40 days of operation for project maintenance. This shutdown has continued till the end of the year.