Petro Rabigh swings to net loss of SAR 3.842 bln in 9M 2020

27/10/2020 Argaam Exclusive

Rabigh Refining and Petrochemical Co. (Petro Rabigh) swung to net loss of SAR 3.842 billion in the first nine months of 2020, compared to a profit of SAR 343 million in the same period last year.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 26,201.74 13,819.74 (47.3 %)
Gross Income 1,978.93 (1705.39) (186.2 %)
Operating Income 1,001.77 (2807.13) (380.2 %)
Net Income 342.56 (3841.73) (1221.5 %)
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) 0.27 (3.07) (1221.5 %)

The decline came as the Petro Rabigh complex was under planned total shutdown for periodic maintenance and inspection for 60 days during the period, the firm said in a statement to Tadawul.

 

In addition, product margins were lower due to the challenging economic conditions amid COVID-19 pandemic, putting downward pressure on prices.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 8,742.11 7,051.72 (19.3 %)
Gross Income 870.60 133.19 (84.7 %)
Operating Income 595.98 (303.97) (151.0 %)
Net Income 394.17 (609.80) (254.7 %)
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) 0.32 (0.49) (254.7 %)

The Q3 net loss stood at SAR 610 million, against a net profit of SAR 394 million in the same quarter last year, primarily due to lower refinery margins and the challenging market conditions amid COVID-19 pandemic.

 

The firm’s net loss narrowed 57.5% in Q3 2020 from SAR 1.435 billion in Q2 2020.

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Share Price

Rabigh Refining and Petrochemical Co.
8.40
(0.07) (0.83 %)

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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Financial Ratios
Current
Market Cap (M Riyal) 14,036.40
Enterprise Value (EV) (M) 42,320.98
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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