Financial Results : Petro Rabigh incurs SAR 1.79 bln losses in Q1 2020

Petro Rabigh incurs SAR 1.79 bln losses in Q1 2020

28/04/2020 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
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 %)

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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