Financial Results : Petro Rabigh incurs SAR 2.46B loss in H1 2024; Q2 at SAR 1.1B

Petro Rabigh incurs SAR 2.46B loss in H1 2024; Q2 at SAR 1.1B

07/08/2024 Argaam Exclusive

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Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net loss of SAR 2.46 billion in H1 2024, compared to SAR 2.16 billion in a year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 21,662.31 17,994.91 (16.9 %)
Gross Income (329.64) (652.42) (97.9 %)
Operating Income (1252.33) (1411.31) (12.7 %)
Net Income (2160.16) (2464.81) (14.1 %)
Average Shares 1,671.00 1,671.00 -
EPS (Riyals) (1.29) (1.48) (14.1 %)

Petro Rabigh cited lower sales volumes and lower product margins on both refined and petrochemical products. In addition, the company cited higher finance costs, and increased costs of feedstock including ethane, fuel oil and sales gas effective January 2024. Further, freight costs increased due to the shipping disruptions in the Red Sea during the period.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 10,681.80 10,010.92 (6.3 %)
Gross Income (202.03) (147.40) 27.0 %
Operating Income (717.69) (530.00) 26.2 %
Net Income (1196.05) (1100.00) 8.0 %
Average Shares 1,671.00 1,671.00 -
EPS (Riyals) (0.72) (0.66) 8.0 %

Petro Rabigh incurred SAR 1.1 billion loss in Q2 2024, compared to SAR 1.19 billion in the year earlier period.

 

This was driven by lower sales volumes, and decreased selling and marketing costs of petrochemical products. This was offset by lower product margins on both refined and petrochemical products.

 

On a quarterly basis, Q2 2024 net loss slightly shrank from SAR 1.36 billion in Q1 2024.
 
Total shareholders’ equity (after deducting minority equity) reached SAR 8.08 billion by June 30, 2024, compared to SAR 13.09 billion in the corresponding period of the year before.

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