Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net loss after Zakat and tax of SAR 544 million for the fiscal year 2019, against a net profit of SAR 669 million a year earlier.
The company attributed these losses to lower profit margins from refined and petrochemical products. In addition, deterioration in market prices during Q4 2019, and weak demand for products led to a higher-than-expected drop in Petro Rabigh’s prices.
The company was also impacted by the implementation of IFRS 16.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 40,998.19 | 34,061.98 | (16.9 %) |
| Gross Income | 2,315.04 | 1,717.91 | (25.8 %) |
| Operating Income | 927.42 | 351.19 | (62.1 %) |
| Net Income | 668.56 | (544.15) | (181.4 %) |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | 0.53 | (0.44) | (181.4 %) |
In Q4 2019, the company widened net losses to SAR 886.6 million, from SAR 105 million in year-earlier period.
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 8,357.79 | 7,860.24 | (6.0 %) |
| Gross Income | 271.31 | (261.02) | (196.2 %) |
| Operating Income | (91.05) | (650.58) | (614.5 %) |
| Net Income | (105.53) | (886.71) | (740.3 %) |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | (0.08) | (0.71) | (740.3 %) |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 8,742.11 | 7,860.24 | (10.1 %) |
| Gross Income | 870.60 | (261.02) | (130.0 %) |
| Operating Income | 595.98 | (650.58) | (209.2 %) |
| Net Income | 394.17 | (886.71) | (325.0 %) |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | 0.32 | (0.71) | (325.0 %) |
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