Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net profit after Zakat and tax of SAR 1.588 billion for the first nine months of 2021, versus a net loss after Zakat and tax of SAR 3.842 billion in the prior-year period.
This profit was driven by higher petrochemicals margins and improved market conditions. In addition, the first nine months of 2020 witnessed a 60-day complex shutdown, coupled with lower demand and decreased margins.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 13,819.74 | 32,521.78 | 135.3 % |
| Gross Income | (1705.39) | 3,588.81 | 310.4 % |
| Operating Income | (2807.13) | 2,370.32 | 184.4 % |
| Net Income | (3841.73) | 1,587.76 | 141.3 % |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | (3.07) | 1.27 | 141.3 % |
The Q3 2021 net profit after Zakat and tax stood at SAR 221 million, versus a net loss after Zakat and tax of SAR 610 million in the year-earlier period, on higher product margins, due to an improvement in market conditions and the gradual recovery of the global economy.
In addition, plant operations were relatively stable for the current quarter, compared to the same quarter last year.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 7,051.72 | 11,276.98 | 59.9 % |
| Gross Income | 133.19 | 935.43 | 602.3 % |
| Operating Income | (303.97) | 467.94 | 253.9 % |
| Net Income | (609.80) | 221.45 | 136.3 % |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | (0.49) | 0.18 | 136.3 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 11,109.27 | 11,276.98 | 1.5 % |
| Gross Income | 1,367.05 | 935.43 | (31.6 %) |
| Operating Income | 989.49 | 467.94 | (52.7 %) |
| Net Income | 716.94 | 221.45 | (69.1 %) |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | 0.57 | 0.18 | (69.1 %) |
On a sequential basis, net profit tumbled 69.2%.
Total shareholders’ equity, after minority interest, increased by 25.8% year-on-year (YoY) to SAR 7.802 billion at the end of the nine-month period.
The accumulated losses decreased to SAR 1.205 billion, representing 13.76% of the capital, as of Sept. 30, 2021, according to the unaudited condensed interim financial statements.
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