Petro Rabigh turns to SAR 2.037 bln profit in 2021, Q4 earnings at SAR 449.2 mln

09/03/2022 Argaam Exclusive

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Rabigh Refining and Petrochemical Co. (Petro Rabigh) swung to a net profit after Zakat and tax of SAR 2.037 billion in 2021, versus a net loss of SAR 3.781 billion in the previous year.

Financials (M)

Item	2020	2021	Change‬
Revenues	21,870.20	45,638.07	108.7 %
Gross Income	(902.61)	4,756.49	627.0 %
Operating Income	(2491.45)	3,040.43	222.0 %
Net Income	(3781.13)	2,036.66	153.9 %
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	(3.02)	1.63	153.9 %

The improved earnings were driven by higher petrochemicals margins and better market conditions. In addition, 2020 witnessed a 60-day complex shutdown, coupled with lower demand and decreased margins.

Additionally, 2021 witnessed the highest profit earned by the company since its inception.

Q4 2021 net profit after Zakat and tax soared to SAR 449.2 million from SAR 60.61 million in the corresponding period last year.

On a sequential basis, Q4 net profit doubled from SAR 221.45 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	8,050.46	13,116.29	62.9 %
Gross Income	802.78	1,167.68	45.5 %
Operating Income	315.69	670.11	112.3 %
Net Income	60.61	448.90	640.6 %
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	0.05	0.36	640.6 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	11,276.98	13,116.29	16.3 %
Gross Income	935.43	1,167.68	24.8 %
Operating Income	467.94	670.11	43.2 %
Net Income	221.45	448.90	102.7 %
Average Shares	1,250.63	1,250.63	-
EPS (Riyals)	0.18	0.36	102.7 %

Total shareholders’ equity, after deducting minority interest, increased by nearly 34% year-on-year (YoY) to SAR 8.306 billion in 2021.

In Q4 2021, the company achieved a total comprehensive income of SAR 489 million.

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