Rabigh Refining and Petrochemical Co. (Petro Rabigh) posted a 54% rise in H1 2022 net profit after Zakat and tax to SAR 2.109 billion, from SAR 1.366 billion in the year-ago period.
The profit was lifted by favorable market conditions for refined products, amid an increase in crude oil prices, which led to higher refining margins.
In addition, a non-recurring income of SAR 236.3 million was realized on the early settlement of long-term loans, which was classified as financial income under the statement of profit or loss.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 21,244.80 | 32,501.63 | 53.0 % |
| Gross Income | 2,653.38 | 3,500.84 | 31.9 % |
| Operating Income | 1,902.37 | 2,578.19 | 35.5 % |
| Net Income | 1,366.32 | 2,109.49 | 54.4 % |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | 1.09 | 1.69 | 54.4 % |
In the three-month period, net profit after Zakat and tax surged 93% to SAR 1.385 billion, from SAR 716.94 million in Q2 2021, driven by an increase in crude oil prices, which pushed refining margins higher. In addition, a non-recurring income of SAR 236.3 million was realized during the current quarter.
On a quarterly basis, the second-quarter net profit surged 91.1% from SAR 724.76 million.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 11,109.27 | 18,100.01 | 62.9 % |
| Gross Income | 1,367.05 | 2,020.58 | 47.8 % |
| Operating Income | 989.49 | 1,526.98 | 54.3 % |
| Net Income | 716.94 | 1,384.73 | 93.1 % |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | 0.57 | 1.11 | 93.1 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 14,401.62 | 18,100.01 | 25.7 % |
| Gross Income | 1,480.26 | 2,020.58 | 36.5 % |
| Operating Income | 1,051.21 | 1,526.98 | 45.3 % |
| Net Income | 724.76 | 1,384.73 | 91.1 % |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | 0.58 | 1.11 | 91.1 % |
Total shareholders’ equity, after minority interest, increased to SAR 10.523 billion as of June 30, 2022, compared to SAR 7.586 billion a year earlier.
Retained earnings stood at SAR 1.515 billion by the end of the six-month period.
The company fully offset its accumulated losses as of June 30, 2022.
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