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.
| 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.
| 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) | (543.65) | 24.2 % |
| Net Income | (1196.05) | (1099.80) | 8.0 % |
| Average Shares | 1,671.00 | 1,671.00 | - |
| EPS (Riyals) | (0.72) | (0.66) | 8.0 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 7,983.99 | 10,010.92 | 25.4 % |
| Gross Income | (505.02) | (147.40) | 70.8 % |
| Operating Income | (867.66) | (543.65) | 37.3 % |
| Net Income | (1365.01) | (1099.80) | 19.4 % |
| Average Shares | 1,671.00 | 1,671.00 | - |
| EPS (Riyals) | (0.82) | (0.66) | 19.4 % |
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.
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