Morocco’s only oil refiner Samir posted a record net loss of 3.42 billion Moroccan dirham ($349.7 million) in 2014, mainly due to inventory revaluation after oil prices fell.

The company, controlled by Corral Petroleum Holdings , had posted a profit of 300 million dirham in 2013.

Samir said inventory revaluation contributed 3.03 billion dirham to the loss. Revenue fell to 44.04 billion from 49.1 billion dirham as fuel oil demand dropped because of an economic slowdown. Revenue excluding fuel oil rose by 14 percent, the company said.

“Samir’s exports dropped by 12 percent but it has been balanced by improving market share in the domestic market,” the company said in a statement.

The company released a profit warning last month saying a fall in oil prices since mid-2014 would hit results despite a 15 percent increase in local sales.

Samir shares have lost around 21 percent over the last three months on the Casablanca stock exchange. There was no trading of the company’s shares in the opening on Tuesday when the results were announced.

($1 = 9.7805 Moroccan dirham)

Source: Reuters