Rabigh Refining and Petrochemical Co. (Petro Rabigh) swung to a net loss of SAR 964 million for the first quarter of 2023, against a net profit of SAR 724.8 million in Q1 2022.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 14,401.62 | 10,980.50 | (23.8 %) |
| Gross Income | 1,480.26 | (127.61) | (108.6 %) |
| Operating Income | 1,051.21 | (519.00) | (149.4 %) |
| Net Income | 724.76 | (964.11) | (233.0 %) |
| Average Shares | 1,250.63 | 1,671.00 | 33.6 % |
| EPS (Riyals) | 0.58 | (0.58) | (199.6 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 10,805.99 | 10,980.50 | 1.6 % |
| Gross Income | (1045.15) | (127.61) | 87.8 % |
| Operating Income | (1492.86) | (519.00) | 65.2 % |
| Net Income | (1810.92) | (964.11) | 46.8 % |
| Average Shares | 1,671.00 | 1,671.00 | - |
| EPS (Riyals) | (1.08) | (0.58) | 46.8 % |
The company cited unfavorable market conditions weighing on the margins of refined and petrochemical products.
In addition, Petro Rabigh’s complex was partially shutdown for scheduled turnaround of Phase II units from Dec. 1, 2022, to Jan. 23, 2023. Further, the ethane cracker unit was shut down from March 1-20, 2023, for necessary maintenance to enhance the plant’s reliability.
Petro Rabigh also attributed losses to a sharp increase in interest rates, which resulted in higher financial costs.
Compared to Q4 2022, the first-quarter net losses decreased by 46.8% from SAR 1.81 billion, thanks to improved market conditions, which bolstered the margins of refined products.
Total shareholders’ equity, no minority interest, reached SAR 14.29 billion as of March 31, 2023, compared with SAR 9.06 billion a year earlier.
Accumulated losses reached SAR 2.66 billion at the end of Q1 2023, representing 15.96% of the company's capital.
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