Financial Results : Petro Rabigh’s H1 2022 profit up 54% to SAR 2.109 bln; Q2 at SAR 1.385 bln

Petro Rabigh’s H1 2022 profit up 54% to SAR 2.109 bln; Q2 at SAR 1.385 bln

11/08/2022 Argaam Exclusive

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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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %

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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