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Rabigh Refining and Petrochemical Co.(Petro Rabigh) announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 18,10011,10962.9314,40225.68
Gross Profit (Loss) 2,0211,36747.841,48036.55
Operational Profit (Loss) 1,5471,01452.561,07843.51
Net Profit (Loss) after Zakat and Tax 1,38571793.1772591.03
Total Comprehensive Income 1,38571793.1772591.03
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 32,50221,24552.99
Gross Profit (Loss) 3,5012,65331.96
Operational Profit (Loss) 2,6251,96033.93
Net Profit (Loss) after Zakat and Tax 2,1091,36654.39
Total Comprehensive Income 2,1091,36654.39
Total Share Holders Equity (after Deducting Minority Equity) 10,5237,58638.72
Profit (Loss) per Share 2.411.56
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
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 profit during the current quarter compared to the same quarter of the last year is due to favorable market conditions for refined products, which was driven by the increase of crude oil prices resulting in higher refining margins. In addition, a non-recurring income was realized during the current quarter amounting SR 236.3 million related to early settlement of long term loans, which was classified as financial income under the statement of profit or loss.
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 for the increase in the net profit during the current quarter compared to the previous quarter is due to favorable market conditions for refined products, which was driven by the increase of crude oil prices resulting in higher refining margins. In addition, a non-recurring income was realized during the current quarter amounting SR 236.3 million related to early settlement of long term loans, which was classified as financial income under the statement of profit or loss.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The reason for the increase in the net profit during the current period compared to the same period of last year is due to favorable market conditions for refined products, which was driven by the increase of crude oil prices resulting in higher refining margins. In addition, a non-recurring income was realized during the current quarter amounting SR 236.3 million related to early settlement of long term loans, which was classified as financial income under the statement of profit or loss.
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 In accordance with the Company’s unaudited condensed financial statement for the three-month and six-month periods ended June 30, 2022, the Company’s accumulated losses have been fully extinguished and as of June 30, 2022, the Company reported retained earnings of Saudi Riyals 1,515.4 million compared to accumulated losses of Saudi Riyals 701.7 million as at December 31, 2021.

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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