Rabigh Refining and Petrochemical Co. (Petro Rabigh) widened net loss after Zakat and tax by more than six-fold to SAR 3.781 billion for 2020, from SAR 544 million in 2019.
The petrochemicals producer attributed these losses to the shutdown of its PRC complex due to a 60-day scheduled maintenance, in addition to the market challenges.
The company also cited the negative impact of the COVID-19 outbreak on prices, and the first year of operations at expansion project phase II.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 34,061.98 | 21,870.20 | (35.8 %) |
| Gross Income | 1,717.91 | (902.61) | (152.5 %) |
| Operating Income | 351.19 | (2491.45) | (809.4 %) |
| Net Income | (544.15) | (3781.13) | (594.9 %) |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | (0.44) | (3.02) | (594.9 %) |
The company swung to a net profit after Zakat and tax of SAR 60.7 million in Q4 2020 compared to a loss of SAR 886.5 million in the same quarter last year.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 7,860.24 | 8,050.46 | 2.4 % |
| Gross Income | (261.02) | 802.78 | 407.6 % |
| Operating Income | (650.58) | 315.69 | 148.5 % |
| Net Income | (886.71) | 60.61 | 106.8 % |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | (0.71) | 0.05 | 106.8 % |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 7,051.72 | 8,050.46 | 14.2 % |
| Gross Income | 133.19 | 802.78 | 502.7 % |
| Operating Income | (303.97) | 315.69 | 203.9 % |
| Net Income | (609.80) | 60.61 | 109.9 % |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | (0.49) | 0.05 | 109.9 % |
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