Financial Results : Petro Rabigh deepens losses to SAR 1.36B in Q1 2024

Petro Rabigh deepens losses to SAR 1.36B in Q1 2024

14/05/2024 Argaam Exclusive

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Rabigh Refining and Petrochemical Co. (Petro Rabigh) extended its losses to SAR 1.36 billion in the first quarter of 2024, from SAR 964 million in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 10,980.50 7,983.99 (27.3 %)
Gross Income (127.61) (505.02) (295.8 %)
Operating Income (534.63) (867.66) (62.3 %)
Net Income (964.11) (1365.01) (41.6 %)
Average Shares 1,671.00 1,671.00 -
EPS (Riyals) (0.58) (0.82) (41.6 %)

The deeper losses came on the back of lower sales volumes primarily due to the unplanned shutdown of the High Olefins Fluid Catalytic Cracker units from Dec. 20, 2023, to Feb. 29, 2024, for necessary repairs and maintenance.

 

This is in addition to lower margins on refined products and higher finance costs due to increase in interest rates.

 

Compared to Q4 2023, the first-quarter net losses shrank by 1.6% from SAR 1.38 billion, thanks to improved profit margins on products.

 

Total shareholders’ equity, no minority interest, reached SAR 9.18 billion as of March 31, 2024, compared with SAR 14.29 billion a year earlier.

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