Petro Rabigh turns to SAR 2.037 bln profit in 2021, Q4 earnings at SAR 449.2 mln

09/03/2022 Argaam Exclusive

Rabigh Refining and Petrochemical Co. (Petro Rabigh) swung to a net profit after Zakat and tax of SAR 2.037 billion in 2021, versus a net loss of SAR 3.781 billion in the previous year.



Financials (M)

Item 2020 2021 Change‬
Revenues 21,870.20 45,638.07 108.7 %
Gross Income (902.61) 4,756.49 627.0 %
Operating Income (2491.45) 3,040.43 222.0 %
Net Income (3781.13) 2,036.66 153.9 %
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) (3.02) 1.63 153.9 %

The improved earnings were driven by higher petrochemicals margins and better market conditions. In addition, 2020 witnessed a 60-day complex shutdown, coupled with lower demand and decreased margins.

 

Additionally, 2021 witnessed the highest profit earned by the company since its inception.

 

Q4 2021 net profit after Zakat and tax soared to SAR 449.2 million from SAR 60.61 million in the corresponding period last year.

 

On a sequential basis, Q4 net profit doubled from SAR 221.45 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Revenues 8,050.46 13,116.29 62.9 %
Gross Income 802.78 1,167.68 45.5 %
Operating Income 315.69 670.11 112.3 %
Net Income 60.61 448.90 640.6 %
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) 0.05 0.36 640.6 %

Total shareholders’ equity, after deducting minority interest, increased by nearly 34% year-on-year (YoY) to SAR 8.306 billion in 2021.

 

In Q4 2021, the company achieved a total comprehensive income of SAR 489 million.

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Share Price

Rabigh Refining and Petrochemical Co.
8.42
0.12 1.45 %

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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Financial Ratios
Current
Market Cap (M Riyal) 14,069.82
Enterprise Value (EV) (M) 42,354.40
Shares Outstanding ((M)) 1,671.00
EPS ( Riyal) (TTM) (3.08)
Book Value (BV) ( Riyal) 6.33
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.33
Return on Average Assets (%) (TTM) (8.04 )
Return on Average Equity (%) (TTM) (45.74 )
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