ردود فعل الشركات المساهمة السعودية تجاه جائحة كورونا : قراءة في نتائج النصف الأول 2020 لقطاع النفط و البتروكيماويات

Abstract EN

The study aimed to provide a quick analytical reading on the financial statements of Saudi companies in the oil and petrochemical sector during the fiscal year 2020 affected by Corona pandemic.

The study concluded that the pandemic had no effect on imposing continuity at the present time and it is considered early to predict whether the pandemic will hit some companies, thus affecting their continuity.

The study confirmed that COVID-19 pandemic had a clear impact on the profitability of companies by comparing the first and second quarters of 2020 on the one hand, and comparing the same indicators with the year of 2019 on the other hand.

Also, the pandemic caused a need for reassessment of assets and liabilities to ensure the accuracy of the value recorded in the quarterly financial statements, and some companies admitted impairment of some nonfinancial assets as a result of the outbreak of the epidemic.

Procedures that are taken by companies in response to the effects of the pandemic were limited to increasing the provision for Expected Credit Losses (ECL) in anticipation of possible default by clients in the future.