Rabigh Refining and Petrochemical Co. (Petro Rabigh) swung to a net loss after Zakat and tax of SAR 1.797 billion for the first quarter of 2020, against a net profit of SAR 257 million a year earlier.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 8,428.02 | 4,061.63 | (51.8 %) |
| Gross Income | 817.68 | (1385.50) | (269.4 %) |
| Operating Income | 460.79 | (1714.55) | (472.1 %) |
| Net Income | 256.84 | (1796.83) | (799.6 %) |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | 0.21 | (1.44) | (799.6 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 7,860.24 | 4,061.63 | (48.3 %) |
| Gross Income | (261.02) | (1385.50) | (430.8 %) |
| Operating Income | (650.58) | (1714.55) | (163.5 %) |
| Net Income | (886.71) | (1796.83) | (102.6 %) |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | (0.71) | (1.44) | (102.6 %) |
The losses were attributed to full suspension of the company’s industrial complex for a 60-day scheduled maintenance, as of March 1, 2020.
Moreover, the negative profit margin of refined products and lower margin of petrochemical products amid weak demand on the coronavirus outbreak also led to losses.
The company widened the first quarter net losses after Zakat and tax by 102.6% from SAR 887 million in Q4 2019, due to full suspension of its industrial complex for a 60-day scheduled maintenance, as of March 1, 2020.
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