Petro Rabigh says accumulated losses at 21.17% of capital

Logo of Rabigh Refining and Petrochemical Co. (Petro Rabigh)

Rabigh Refining and Petrochemical Co. (Petro Rabigh) said accumulated losses reached SAR 3.53 billion as of May 31, 2023, representing 21.17% of its SAR 16.71 billion capital.

The figures are based on the unaudited financial results for May 2023 that was closed on June 12, 2023, the company said in a Tadawul statement.

The losses were mainly attributed to depressed margins for both refined and petrochemicals products, alongside the closure of Phase II units of Petro Rabigh complex for scheduled turnaround from Dec. 1, 2022, to Jan. 23, 2023. This is besides the shutdown of the ethane cracker unit from March 1, 2023, to March 20, 2023, for necessary maintenance activities to enhance the plant’s reliability.

Furthermore, the period ended May 31, 2023, witnessed a sharp increase in interest rates. This resulted in higher financing costs, the statement added.

Procedures and instructions related to Saudi-listed companies with accumulated losses at 20% or more of capital will apply, the company also noted.