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

27/10/2020 Argaam Exclusive

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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 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	2,706.39	7,051.72	160.6 %
Gross Income	(453.08)	133.19	129.4 %
Operating Income	(788.61)	(303.97)	61.5 %
Net Income	(1435.09)	(609.80)	57.5 %
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	(1.15)	(0.49)	57.5 %

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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