Financial Results : Petro Rabigh incurs SAR 3.30 bln loss in 9M 2023, SAR 1.14 bln in Q3

Petro Rabigh incurs SAR 3.30 bln loss in 9M 2023, SAR 1.14 bln in Q3

08/11/2023 Argaam Exclusive

View other reports

Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net loss of SAR 3.30 billion for the first nine months of 2023, compared with SAR 696 million in the prior-year period. 



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 45,146.49 34,309.76 (24.0 %)
Gross Income 2,728.89 (19.67) (100.7 %)
Operating Income 1,403.93 (1816.00) (229.4 %)
Net Income 696.04 (3305.24) (574.9 %)
Average Shares 1,671.00 1,671.00 -
EPS (Riyals) 0.42 (1.98) (574.9 %)

This was mainly due to unfavorable market conditions adversely affecting the margins for both refined and petrochemical products.  

 

In addition, Petro Rabigh complex was partially shut down for scheduled turnaround of its Phase II units starting Dec. 1, 2022, to Jan. 23, 2023. The Ethane cracker unit was also shut down from March 1-20, 2023, for necessary maintenance activities to enhance the plant’s reliability.  

 

The company narrowed Q3 2023 loss to SAR 1.14 billion from SAR 1.41 billion a year earlier, mainly due to improved refined products margin and a slight improvement in petrochemical products margin.  

  

On a sequential basis, the company cut Q3 loss from SAR 1.19 billion on improved refined products margin. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 12,644.86 12,647.46 0.0 %
Gross Income (771.96) 309.97 140.2 %
Operating Income (1174.26) (594.00) 49.4 %
Net Income (1413.45) (1145.08) 19.0 %
Average Shares 1,671.00 1,671.00 -
EPS (Riyals) (0.85) (0.69) 19.0 %

Total shareholders’ equity, with no minority interest, reached SAR 11.95 billion as of Sept. 30, 2023, compared with SAR 16.92 billion a year earlier. 

  

The accumulated losses reached SAR 5 billion at the end of 9M 2023, representing 29.96% 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.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

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

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
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.