Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net loss of SAR 2.16 billion for H1 2023, against a net profit of SAR 2.10 billion in H1 2022 due to unfavorable market conditions, which weighed on the margins of petrochemicals and refined products.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 32,501.63 | 21,662.31 | (33.4 %) |
| Gross Income | 3,500.84 | (329.64) | (109.4 %) |
| Operating Income | 2,578.19 | (1252.33) | (148.6 %) |
| Net Income | 2,109.49 | (2160.16) | (202.4 %) |
| Average Shares | 1,250.63 | 1,671.00 | 33.6 % |
| EPS (Riyals) | 1.69 | (1.29) | (176.6 %) |
Moreover, Petro Rabigh’s complex was partially shut down for scheduled turnaround of Phase II units starting from Dec. 1, 2022, to Jan. 23, 2023.
The ethane cracker unit was also shut down starting from March 1-20, 2023, for necessary maintenance to enhance the plant’s reliability.
Higher interest rates during the current period also led to an increase in finance costs. Petro Rabigh recorded a non-recurring income of SAR 236.3 million in H1 2022.
In Q2 2023, the company swung to a net loss of SAR 1.19 billion from a net profit of SAR 1.38 billion in the prior-year period.
The net profit also dropped 24.1% from SAR 964.1 million in Q1 2023.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 18,100.01 | 10,681.80 | (41.0 %) |
| Gross Income | 2,020.58 | (202.03) | (110.0 %) |
| Operating Income | 1,526.98 | (717.69) | (147.0 %) |
| Net Income | 1,384.73 | (1196.05) | (186.4 %) |
| Average Shares | 1,250.63 | 1,671.00 | 33.6 % |
| EPS (Riyals) | 1.11 | (0.72) | (164.6 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 10,980.50 | 10,681.80 | (2.7 %) |
| Gross Income | (127.61) | (202.03) | (58.3 %) |
| Operating Income | (519.00) | (717.69) | (38.3 %) |
| Net Income | (964.11) | (1196.05) | (24.1 %) |
| Average Shares | 1,671.00 | 1,671.00 | - |
| EPS (Riyals) | (0.58) | (0.72) | (24.1 %) |
Shareholders’ equity, no minority interest, rose to SAR 13.09 billion as of June 30, 2023, from SAR 10.52 billion a year earlier.
Accumulated losses reached SAR 3.86 billion by the end of the six-month period, representing 23.11% of the company's capital.
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