Petro Rabigh 9M 2022 profit declines 56% to SAR 696 mln; Q3 loss at 1.413 bln

31/10/2022 Argaam Exclusive

View other reports

Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net profit after Zakat and tax of SAR 696 million for the first nine months of 2022, compared with SAR 1.588 billion in the prior-year period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	32,521.78	45,146.49	38.8 %
Gross Income	3,588.81	2,728.89	(24.0 %)
Operating Income	2,370.32	1,403.93	(40.8 %)
Net Income	1,587.76	696.04	(56.2 %)
Average Shares	1,250.63	1,671.00	33.6 %
EPS (Riyals)	1.27	0.42	(67.2 %)

This was mainly due to unfavorable market conditions for both refined and petrochemical products, especially in the third quarter of 2022, which adversely impacted product margin.

The company turned to a net loss of SAR 1.413 billion in Q3 2022, against a net profit of SAR 221.45 million a year before, hurt by unfavorable market conditions for both refined & petrochemical products.

On a sequential basis, the company swung to a loss from a profit of SAR 1.385 billion.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	11,276.98	12,644.86	12.1 %
Gross Income	935.43	(771.96)	(182.5 %)
Operating Income	467.94	(1174.26)	(350.9 %)
Net Income	221.45	(1413.45)	(738.3 %)
Average Shares	1,250.63	1,671.00	33.6 %
EPS (Riyals)	0.18	(0.85)	(577.7 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	18,100.01	12,644.86	(30.1 %)
Gross Income	2,020.58	(771.96)	(138.2 %)
Operating Income	1,526.98	(1174.26)	(176.9 %)
Net Income	1,384.73	(1413.45)	(202.1 %)
Average Shares	1,250.63	1,671.00	33.6 %
EPS (Riyals)	1.11	(0.85)	(176.4 %)

Total shareholders’ equity, after deducting minority interest, reached SAR 16.926 billion as of Sept. 30, 2022, compared with SAR 7.802 billion a year earlier.

The accumulated losses reached SAR 31 million at the end of 9M 2022, representing 0.19% of the company's capital.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×