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Rabigh Refining and Petrochemical Co. (Petro Rabigh) announces its Interim financial results ended on 2024-03-31 (Three Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 7,984 | 10,981 | -27.292 | 10,294 | -22.44 |
| Gross Profit (Loss) | -505 | -128 | 294.531 | -558 | -9.498 |
| Operational Profit (Loss) | -830 | -519 | 59.922 | -787 | 5.463 |
| Net profit (Loss) | -1,365 | -964 | 41.597 | -1,388 | -1.657 |
| Total Comprehensive Income | -1,365 | -964 | 41.597 | -1,399 | -2.43 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 9,186 | 14,291 | -35.721 |
| Profit (Loss) per Share | -0.82 | -0.58 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 46.51 | 7,771 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The reason for the decrease in sales during the current quarter compared to same quarter of the last year is mainly attributed to lower sales volumes, due to the unplanned shut down of the High Olefins Fluid Catalytic Cracker (HOFCC) units from December 20, 2023 to February 29, 2024 for necessary repairs & maintenance work. |
| 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 increase in the net loss for the current quarter compared to the same quarter last year is attributed to lower sales volumes primarily due to the unplanned shut down of the High Olefins Fluid Catalytic Cracker (HOFCC) units from December 20, 2023 to February 29, 2024 for necessary repairs & maintenance work. In addition to lower margins on the refined products and higher finance costs due to increase in interest rates. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The reason for the decrease in sales in current quarter compared to the previous quarter is mainly attributed to lower sales volumes, due to the unplanned shut down of the High Olefins Fluid Catalytic Cracker (HOFCC) units from December 20, 2023 to February 29, 2024 for necessary repairs & maintenance work. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The reason for the decrease in net loss in the current quarter as compared to the previous quarter is due to a marginal improvement in product margins. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Not Applicable |
| Reclassification of Comparison Items | Not Applicable |
| Additional Information | The accumulated losses as at March 31, 2024 according to the condensed interim financial statements for the period ended March 31, 2024 amounted to Saudi Riyals 7,771 million representing 46.51% of the Company's share capital of Saudi Riyals 16,710 million. The Directors of the Company have taken following actions to address the accumulated losses situation: • Evaluated the Company’s funding position and liquidity to assess the Company’s ability to meet its obligations as they fall due and had reviewed and approved the Company’s Business Plan for the years 2024, 2025 and 2026 including cash flows and forecasts. • Reviewed potential founding shareholders support through payment term adjustments and crude slate changes, which is expected to improve the Company’s cash flows position and products margin. • Reviewed the economics and cashflow projections of the two mega projects - Debottlenecking Project (DBN) to increase the capacity of the HOFCC unit and the Ethane Cracker unit and Diesel Hydrotreater Project (DHT) to desulfurize the current low sulfur diesel to produce ultra-low sulfur diesel and assessed its impact on the Company’s profitability and cashflows, which is expected to favorably impact the Company’s profitability in the medium and long-term period. • Evaluated the Transformation Program where several value-added initiatives were introduced to improve the profitability of the Company. The Transformation Program was started in 2021, whereby the Company has implemented 185 initiatives with the objective of reducing the Company’s operational cost and increase revenue. The Transformation Program is now entering its fourth year and the Directors have also reviewed 40 new initiatives intended to further reduce the operating losses during the year ending 2024 in addition to the recurring value of the 185 initiatives previously implemented. Procedures and instructions applicable on Companies listed on the Saudi Capital Market whose Accumulated losses reach 20% or more will be applied. |
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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