Financial Results : Petro Rabigh swings to losses of SAR 1.11 bln in 2022; Q4 loss at 1.81 bln

Petro Rabigh swings to losses of SAR 1.11 bln in 2022; Q4 loss at 1.81 bln

14/03/2023 Argaam Exclusive

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Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net loss of SAR 1.11 billion for 2022, compared to a net profit of SAR 2.03 billion in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 45,638.07 55,952.48 22.6 %
Gross Income 4,756.49 1,683.73 (64.6 %)
Operating Income 3,040.43 (88.94) (102.9 %)
Net Income 2,036.66 (1114.88) (154.7 %)
Average Shares 1,250.63 1,671.00 33.6 %
EPS (Riyals) 1.63 (0.67) (141.0 %)

The losses were driven mainly due to unfavorable market conditions adversely affecting product volumes and margins for the petrochemical products. In addition, there was a significant negative margin on certain refined products, particularly high-sulphur fuel oil and naphtha during H2 2022.

 

Furthermore, Petro Rabigh complex was partially shut down for scheduled turnaround of its phase II units from Dec. 1, 2022, to Jan. 23, 2023. Meanwhile, the year witnessed a sharp increase in interest rates, which resulted in higher financial costs for 2022 compared to 2021.

 

The company turned to a net loss of SAR 1.81 billion in Q4 2022, against a net profit of SAR 449.24 million a year before.

 

On a sequential basis, the company widened its losses from SAR 1.41 billion in Q3 2022.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 13,116.29 10,805.99 (17.6 %)
Gross Income 1,167.68 (1045.15) (189.5 %)
Operating Income 670.11 (1492.86) (322.8 %)
Net Income 448.90 (1810.92) (503.4 %)
Average Shares 1,250.63 1,671.00 33.6 %
EPS (Riyals) 0.36 (1.08) (401.9 %)

Total shareholders’ equity, no minority interest, reached SAR 15.25 billion as of Dec. 31, 2022, compared with SAR 8.30 billion a year earlier.

 

The accumulated losses reached SAR 1.70 billion at the end of 2022, representing 10.19% of the company's capital.

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