Petro Rabigh posts SAR 4.54B loss in 2024; Q4 at SAR 780M

19/03/2025 Argaam Exclusive

Rabigh Refining and Petrochemical Co. (Petro Rabigh) narrowed net loss to SAR 4.54 billion in 2024, compared to SAR 4.69 billion in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 44,603.99 39,349.00 (11.8 %)
Gross Income (578.50) (985.00) (70.3 %)
Operating Income (2603.00) (2571.00) 1.2 %
Net Income (4692.73) (4545.00) 3.1 %
Average Shares 1,671.00 1,671.00 -
Earnings Per Share before unusual items (Riyals) (2.59) (2.72) (5.0 %)
EPS (Riyals) (2.81) (2.72) 3.1 %

This reduction is due to a one-off provision of SAR 365.7 million relating to a claim raised by a third-party against the company during 2023.

 

In addition, the company reported lower sales volumes and reduced product margins for both refined and petrochemical products. The unplanned shutdown of the high-olefin fluid catalytic cracker (HOFCC) in Q1 2024 for repairs and maintenance weighed on sales.

 

The increased costs of feedstocks, including ethane, fuel oil, and sales gas, effective January 2024, significantly affected the financial performance for 2024.

 

Petro Rabigh trimmed Q4 2024 loss to SAR 780 million, from SAR 1.38 billion in Q4 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 10,294.23 11,397.00 10.7 %
Gross Income (558.83) 118.00 121.1 %
Operating Income (787.00) (325.00) 58.7 %
Net Income (1387.49) (780.00) 43.8 %
Average Shares 1,671.00 1,671.00 -
Earnings Per Share before unusual items (Riyals) (0.83) (0.47) 43.8 %
EPS (Riyals) (0.83) (0.47) 43.8 %

On a quarterly basis, net loss shrank from SAR 1.3 billion loss in Q3 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 9.8 billion by Dec. 31, 2024, compared to SAR 10.55 billion a year earlier.

 

Accumulated losses reached SAR 7.15 billion by Dec. 31, 2024, accounting for 42.81% of capital.

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Share Price

Rabigh Refining and Petrochemical Co.
6.99
0.03 0.43 %

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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Financial Ratios
Current
Market Cap (M Riyal) 11,630.16
Enterprise Value (EV) (M) 37,430.41
Shares Outstanding ((M)) 1,671.00
EPS ( Riyal) (TTM) (2.72)
Book Value (BV) ( Riyal) 5.87
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.19
Return on Average Assets (%) (TTM) (7.35 )
Return on Average Equity (%) (TTM) (12.45 )
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