Financial Results : Petro Rabigh posts SAR 544 mln loss in FY19

Petro Rabigh posts SAR 544 mln loss in FY19

13/02/2020 Argaam Exclusive

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Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net loss after Zakat and tax of SAR 544 million for the fiscal year 2019, against a net profit of SAR 669 million a year earlier.

 

The company attributed these losses to lower profit margins from refined and petrochemical products. In addition, deterioration in market prices during Q4 2019, and weak demand for products led to a higher-than-expected drop in Petro Rabigh’s prices.

 

The company was also impacted by the implementation of IFRS 16.



Financials (M)

Item 2018 2019 Change‬
Revenues 40,998.19 34,061.98 (16.9 %)
Gross Income 2,315.04 1,717.91 (25.8 %)
Operating Income 927.42 351.19 (62.1 %)
Net Income 668.56 (544.15) (181.4 %)
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) 0.53 (0.44) (181.4 %)

In Q4 2019, the company widened net losses to SAR 886.6 million, from SAR 105 million in year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 8,357.79 7,860.24 (6.0 %)
Gross Income 271.31 (261.02) (196.2 %)
Operating Income (91.05) (650.58) (614.5 %)
Net Income (105.53) (886.71) (740.3 %)
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) (0.08) (0.71) (740.3 %)

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