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Rabigh Refining and Petrochemical Co. (Petro Rabigh) announces its Interim financial results ended on 2023-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 10,981 | 14,402 | -23.75 | 10,806 | 1.62 |
| Gross Profit (Loss) | -128 | 1,480 | - | -1,045 | -87.75 |
| Operational Profit (Loss) | -519 | 1,078 | - | -1,466 | -64.6 |
| Net Profit (Loss) after Zakat and Tax | -964 | 725 | - | -1,811 | -46.77 |
| Total Comprehensive Income | -964 | 725 | - | -1,668 | -42.21 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 14,291 | 9,068 | 57.6 |
| Profit (Loss) per Share | -0.58 | 0.63 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 2,666 | 16,710 | 15.96 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for the net loss during the current quarter as compared to the net profit of the same quarter last year was mainly due to unfavorable market conditions adversely affecting the margins for both refined and petrochemical products. In addition, Petro Rabigh complex was partially shutdown for scheduled turnaround of its Phase II units starting from December 1, 2022 to January 23, 2023. Also, the Ethane cracker unit was shutdown starting from March 1, 2023 to March 20, 2023 for necessary maintenance activities to enhance the plant’s reliability. Furthermore, the current quarter also witnessed a sharp increase in interest rates which resulted in higher financial costs. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The reason of the decrease in the net loss during the current quarter compared to the previous quarter was due to a measured improvement in market conditions favorably impacting the margins for refined products. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Not Applicable |
| Reclassification of Comparison Items | Not Applicable |
| Additional Information | The accumulated losses as at March 31, 2023 according to the condensed interim financial statements for the quarter ended March 31, 2023 amounted to Saudi Riyals 2,666 million representing 15.96% of the Company's share capital of Saudi Riyals 16,710 million. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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