Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net profit after Zakat and tax of SAR 696 million for the first nine months of 2022, compared with SAR 1.588 billion in the prior-year period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 32,521.78 | 45,146.49 | 38.8 % |
| Gross Income | 3,588.81 | 2,728.89 | (24.0 %) |
| Operating Income | 2,370.32 | 1,403.93 | (40.8 %) |
| Net Income | 1,587.76 | 696.04 | (56.2 %) |
| Average Shares | 1,250.63 | 1,671.00 | 33.6 % |
| EPS (Riyals) | 1.27 | 0.42 | (67.2 %) |
This was mainly due to unfavorable market conditions for both refined and petrochemical products, especially in the third quarter of 2022, which adversely impacted product margin.
The company turned to a net loss of SAR 1.413 billion in Q3 2022, against a net profit of SAR 221.45 million a year before, hurt by unfavorable market conditions for both refined & petrochemical products.
On a sequential basis, the company swung to a loss from a profit of SAR 1.385 billion.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 11,276.98 | 12,644.86 | 12.1 % |
| Gross Income | 935.43 | (771.96) | (182.5 %) |
| Operating Income | 467.94 | (1174.26) | (350.9 %) |
| Net Income | 221.45 | (1413.45) | (738.3 %) |
| Average Shares | 1,250.63 | 1,671.00 | 33.6 % |
| EPS (Riyals) | 0.18 | (0.85) | (577.7 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 18,100.01 | 12,644.86 | (30.1 %) |
| Gross Income | 2,020.58 | (771.96) | (138.2 %) |
| Operating Income | 1,526.98 | (1174.26) | (176.9 %) |
| Net Income | 1,384.73 | (1413.45) | (202.1 %) |
| Average Shares | 1,250.63 | 1,671.00 | 33.6 % |
| EPS (Riyals) | 1.11 | (0.85) | (176.4 %) |
Total shareholders’ equity, after deducting minority interest, reached SAR 16.926 billion as of Sept. 30, 2022, compared with SAR 7.802 billion a year earlier.
The accumulated losses reached SAR 31 million at the end of 9M 2022, representing 0.19% of the company's capital.
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