Rabigh Refining and Petrochemical Co. (Petro Rabigh) swung to a net profit after Zakat and tax of SAR 2.037 billion in 2021, versus a net loss of SAR 3.781 billion in the previous year.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 21,870.20 | 45,638.07 | 108.7 % |
| Gross Income | (902.61) | 4,756.49 | 627.0 % |
| Operating Income | (2491.45) | 3,040.43 | 222.0 % |
| Net Income | (3781.13) | 2,036.66 | 153.9 % |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | (3.02) | 1.63 | 153.9 % |
The improved earnings were driven by higher petrochemicals margins and better market conditions. In addition, 2020 witnessed a 60-day complex shutdown, coupled with lower demand and decreased margins.
Additionally, 2021 witnessed the highest profit earned by the company since its inception.
Q4 2021 net profit after Zakat and tax soared to SAR 449.2 million from SAR 60.61 million in the corresponding period last year.
On a sequential basis, Q4 net profit doubled from SAR 221.45 million.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 8,050.46 | 13,116.29 | 62.9 % |
| Gross Income | 802.78 | 1,167.68 | 45.5 % |
| Operating Income | 315.69 | 670.11 | 112.3 % |
| Net Income | 60.61 | 448.90 | 640.6 % |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | 0.05 | 0.36 | 640.6 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 11,276.98 | 13,116.29 | 16.3 % |
| Gross Income | 935.43 | 1,167.68 | 24.8 % |
| Operating Income | 467.94 | 670.11 | 43.2 % |
| Net Income | 221.45 | 448.90 | 102.7 % |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | 0.18 | 0.36 | 102.7 % |
Total shareholders’ equity, after deducting minority interest, increased by nearly 34% year-on-year (YoY) to SAR 8.306 billion in 2021.
In Q4 2021, the company achieved a total comprehensive income of SAR 489 million.
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