Financial Results : Petro Rabigh posts SAR 4.54B loss in 2024; Q4 at SAR 779.3M

Petro Rabigh posts SAR 4.54B loss in 2024; Q4 at SAR 779.3M

19/03/2025 Argaam Exclusive

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Rabigh Refining and Petrochemical Co. (Petro Rabigh) narrowed net loss to SAR 4.54 billion in 2024, compared to SAR 4.69 billion in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 44,603.99 39,349.07 (11.8 %)
Gross Income (578.50) (985.02) (70.3 %)
Operating Income (2329.77) (2672.81) (14.7 %)
Net Income (4692.73) (4544.53) 3.2 %
Average Shares 1,671.00 1,671.00 -
Earnings Per Share before unusual items (Riyals) (2.59) (2.72) (5.0 %)
EPS (Riyal) (2.81) (2.72) 3.2 %

This reduction is due to a one-off provision of SAR 365.7 million relating to a claim raised by a third-party against the company during 2023.

 

In addition, the company reported lower sales volumes and reduced product margins for both refined and petrochemical products. The unplanned shutdown of the high-olefin fluid catalytic cracker (HOFCC) in Q1 2024 for repairs and maintenance weighed on sales.

 

The increased costs of feedstocks, including ethane, fuel oil, and sales gas, effective January 2024, significantly affected the financial performance for 2024.

 

Petro Rabigh trimmed Q4 2024 loss to SAR 779.3 million, from SAR 1.38 billion in Q4 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 10,294.23 11,397.05 10.7 %
Gross Income (558.83) 118.12 121.1 %
Operating Income (822.98) (344.32) 58.2 %
Net Income (1387.49) (779.28) 43.8 %
Average Shares 1,671.00 1,671.00 -
Earnings Per Share before unusual items (Riyal) (0.83) (0.47) 43.8 %
EPS (Riyal) (0.83) (0.47) 43.8 %

On a quarterly basis, net loss shrank from SAR 1.3 billion loss in Q3 2024.

 

Total shareholders’ equity, no minority interest, stood at SAR 9.8 billion by Dec. 31, 2024, compared to SAR 10.55 billion a year earlier.

 

Accumulated losses reached SAR 7.15 billion by Dec. 31, 2024, accounting for 42.81% of capital.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 7,648.01 (46.3 %) 577.44 (14.1 %) 225.34 (45.9 %)
Q2 2015 8,495.54 (39.5 %) 740.32 65.9 % 493.77 156.7 %
Q3 2015 6,674.60 (54.9 %) (250.09) (144.8 %) (463.33) (251.3 %)
Q4 2015 2,695.71 (75.8 %) (772.34) (1692.7 %) (1015.87) (461.0 %)
Q1 2016 4,947.26 (35.3 %) 221.46 (61.6 %) (9.53) (104.2 %)
Q2 2016 6,335.74 (25.4 %) 400.82 (45.9 %) 115.95 (76.5 %)
Q3 2016 6,375.62 (4.5 %) 25.03 110.0 % (201.43) 56.5 %
Q4 2016 7,487.51 177.8 % 460.12 159.6 % 217.56 121.4 %
Q1 2017 6,702.23 35.5 % 65.14 (70.6 %) (172.65) (1,711.3 %)
Q2 2017 8,843.80 39.6 % 634.67 58.3 % 392.70 238.7 %
Q3 2017 9,141.32 43.4 % 1,101.80 4301.9 % 809.76 502.0 %
Q4 2017 9,523.67 27.2 % 894.42 94.4 % 623.16 186.4 %
Q1 2018 9,856.35 47.1 % 772.06 1085.3 % 377.56 318.7 %
Q2 2018 10,742.81 21.5 % 664.18 4.6 % 297.20 (24.3 %)
Q3 2018 12,041.25 31.7 % 607.50 (44.9 %) 343.71 (57.6 %)
Q4 2018 8,357.79 (12.2 %) 271.31 (69.7 %) (91.05) (114.6 %)
Q1 2019 8,428.02 (14.5 %) 817.68 5.9 % 460.79 22.0 %
Q2 2019 9,031.62 (15.9 %) 290.65 (56.2 %) (55.00) (118.5 %)
Q3 2019 8,742.11 (27.4 %) 870.60 43.3 % 595.98 73.4 %
Q4 2019 7,860.24 (6.0 %) (261.02) (196.2 %) (650.58) (614.5 %)
Q1 2020 4,061.63 (51.8 %) (1385.50) (269.4 %) (1714.55) (472.1 %)
Q2 2020 2,706.39 (70.0 %) (453.08) (255.9 %) (788.61) (1,333.8 %)
Q3 2020 7,051.72 (19.3 %) 133.19 (84.7 %) (303.97) (151.0 %)
Q4 2020 8,050.46 2.4 % 802.78 407.6 % 315.69 148.5 %
Q1 2021 10,135.53 149.5 % 1,286.33 192.8 % 912.88 153.2 %
Q2 2021 11,109.27 310.5 % 1,367.05 401.7 % 989.49 225.5 %
Q3 2021 11,276.98 59.9 % 935.43 602.3 % 467.94 253.9 %
Q4 2021 13,116.29 62.9 % 1,167.68 45.5 % 670.11 112.3 %
Q1 2022 14,401.62 42.1 % 1,480.26 15.1 % 1,051.21 15.2 %
Q2 2022 18,100.01 62.9 % 2,020.58 47.8 % 1,526.98 54.3 %
Q3 2022 12,644.86 12.1 % (771.96) (182.5 %) (1174.26) (350.9 %)
Q4 2022 10,805.99 (17.6 %) (1045.15) (189.5 %) (1492.86) (322.8 %)
Q1 2023 10,980.50 (23.8 %) (127.61) (108.6 %) (534.63) (150.9 %)
Q2 2023 10,681.80 (41.0 %) (202.03) (110.0 %) (717.69) (147.0 %)
Q3 2023 12,647.46 0.0 % 309.97 140.2 % (254.46) 78.3 %
Q4 2023 10,294.23 (4.7 %) (558.83) 46.5 % (822.98) 44.9 %
Q1 2024 7,983.99 (27.3 %) (505.02) (295.8 %) (867.66) (62.3 %)
Q2 2024 10,010.92 (6.3 %) (147.40) 27.0 % (543.65) 24.2 %
Q3 2024 9,957.11 (21.3 %) (450.72) (245.4 %) (917.17) (260.4 %)
Q4 2024 11,397.05 10.7 % 118.12 121.1 % (344.32) 58.2 %
2024 39,349.07 (11.8 %) (985.02) (70.3 %) (2672.81) (14.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2015 205.43 (50.3 %) 0.16 - 205.43 0.16
Q2 2015 504.92 193.6 % 0.40 - 504.92 0.40
Q3 2015 (460.12) (256.3 %) (0.37) - (460.12) (0.37)
Q4 2015 (1008.73) (409.7 %) (0.81) - (1008.73) (0.81)
Q1 2016 (36.64) (117.8 %) (0.03) - (36.64) (0.03)
Q2 2016 101.00 (80.0 %) 0.08 - 101.00 0.08
Q3 2016 (210.55) 54.2 % (0.17) - (210.55) (0.17)
Q4 2016 180.98 117.9 % 0.14 - 180.98 0.14
Q1 2017 (239.69) (554.2 %) (0.19) - (239.69) (0.19)
Q2 2017 315.66 212.6 % 0.25 - 315.66 0.25
Q3 2017 706.47 435.5 % 0.56 - 706.47 0.56
Q4 2017 640.54 253.9 % 0.51 - 640.54 0.51
Q1 2018 296.15 223.6 % 0.24 - 296.15 0.24
Q2 2018 234.50 (25.7 %) 0.19 - 234.50 0.19
Q3 2018 243.44 (65.5 %) 0.19 - 243.44 0.19
Q4 2018 (105.53) (116.5 %) (0.08) - (105.53) (0.08)
Q1 2019 256.84 (13.3 %) 0.21 - 256.84 0.21
Q2 2019 (308.45) (231.5 %) (0.25) - (308.45) (0.25)
Q3 2019 394.17 61.9 % 0.32 - 394.17 0.32
Q4 2019 (886.71) (740.3 %) (0.71) - (886.71) (0.71)
Q1 2020 (1796.83) (799.6 %) (1.44) - (1796.83) (1.44)
Q2 2020 (1435.09) (365.3 %) (1.15) - (1435.09) (1.15)
Q3 2020 (609.80) (254.7 %) (0.49) - (609.80) (0.49)
Q4 2020 60.61 106.8 % 0.05 - 60.61 0.05
Q1 2021 649.37 136.1 % 0.52 - 649.37 0.52
Q2 2021 716.94 150.0 % 0.57 - 716.94 0.57
Q3 2021 221.45 136.3 % 0.18 - 221.45 0.18
Q4 2021 448.90 640.6 % 0.36 - 448.90 0.36
Q1 2022 724.76 11.6 % 0.58 - 724.76 0.58
Q2 2022 1,384.73 93.1 % 1.11 236.25 1,148.48 0.92
Q3 2022 (1413.45) (738.3 %) (0.85) - (1413.45) (0.85)
Q4 2022 (1810.92) (503.4 %) (1.08) - (1810.92) (1.08)
Q1 2023 (964.11) (233.0 %) (0.58) - (964.11) (0.58)
Q2 2023 (1196.05) (186.4 %) (0.72) - (1196.05) (0.72)
Q3 2023 (1145.08) 19.0 % (0.69) (365.70) (779.38) (0.47)
Q4 2023 (1387.49) 23.4 % (0.83) - (1387.49) (0.83)
Q1 2024 (1365.01) (41.6 %) (0.82) - (1365.01) (0.82)
Q2 2024 (1099.80) 8.0 % (0.66) - (1099.80) (0.66)
Q3 2024 (1300.44) (13.6 %) (0.78) - (1300.44) (0.78)
Q4 2024 (779.28) 43.8 % (0.47) - (779.28) (0.47)
2024 (4544.53) 3.2 % (2.72) - (4544.53) (2.72)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 3.42 % 5.94 % 0.99 %
Q2 2015 4.57 % 7.40 % 1.92 %
Q3 2015 3.29 % 6.76 % 0.15 %
Q4 2015 1.16 % 5.55 % (2.97 %)
Q1 2016 (0.27 %) 5.38 % (4.39 %)
Q2 2016 (1.94 %) 4.26 % (6.80 %)
Q3 2016 (0.61 %) 5.96 % (5.67 %)
Q4 2016 4.40 % 10.11 % 0.14 %
Q1 2017 3.54 % 8.81 % (0.63 %)
Q2 2017 4.03 % 9.05 % 0.16 %
Q3 2017 7.03 % 11.47 % 2.99 %
Q4 2017 7.88 % 11.97 % 4.16 %
Q1 2018 9.11 % 12.46 % 5.24 %
Q2 2018 8.74 % 11.61 % 4.78 %
Q3 2018 6.97 % 9.69 % 3.36 %
Q4 2018 5.65 % 8.20 % 1.63 %
Q1 2019 5.97 % 8.57 % 1.59 %
Q2 2019 5.25 % 7.92 % 0.23 %
Q3 2019 6.51 % 9.27 % 0.69 %
Q4 2019 5.04 % 8.05 % (1.60 %)
Q1 2020 (1.63 %) 2.47 % (8.75 %)
Q2 2020 (5.26 %) 1.02 % (15.94 %)
Q3 2020 (9.07 %) (1.80 %) (21.81 %)
Q4 2020 (4.13 %) 3.21 % (17.29 %)
Q1 2021 6.33 % 12.28 % (4.78 %)
Q2 2021 9.88 % 14.42 % 2.25 %
Q3 2021 10.82 % 14.65 % 4.06 %
Q4 2021 10.42 % 13.64 % 4.46 %
Q1 2022 9.92 % 12.60 % 4.23 %
Q2 2022 9.85 % 11.86 % 4.47 %
Q3 2022 6.69 % 8.76 % 1.56 %
Q4 2022 3.01 % 5.27 % (2.41 %)
Q1 2023 0.14 % 2.66 % (5.79 %)
Q2 2023 (4.76 %) (1.75 %) (11.94 %)
Q3 2023 (2.36 %) 0.41 % (10.53 %)
Q4 2023 (1.30 %) 2.00 % (9.70 %)
2023 (1.30 %) 2.00 % (9.70 %)
Q1 2024 (2.30 %) 1.38 % (11.36 %)
Q2 2024 (2.20 %) 1.78 % (11.31 %)
Q3 2024 (4.35 %) 0.14 % (13.47 %)
Q4 2024 (2.50 %) 1.32 % (11.55 %)
2024 (2.50 %) 1.32 % (11.55 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2015 1,250.63 0.38 0.38 7.80
Q2 2015 1,250.63 0.65 0.65 8.20
Q3 2015 1,250.63 0.04 0.04 7.47
Q4 2015 1,250.63 (0.61) (0.61) 6.68
Q1 2016 1,250.63 (0.80) (0.80) 6.57
Q2 2016 1,250.63 (1.12) (1.12) 6.66
Q3 2016 1,250.63 (0.92) (0.92) 6.48
Q4 2016 1,250.63 0.03 0.03 6.71
Q1 2017 1,250.63 (0.13) (0.13) 6.43
Q2 2017 1,250.63 0.04 0.04 6.71
Q3 2017 1,250.63 0.77 0.77 7.34
Q4 2017 1,250.63 1.14 1.14 8.06
Q1 2018 1,250.63 1.57 1.57 8.36
Q2 2018 1,250.63 1.50 1.50 8.26
Q3 2018 1,250.63 1.13 1.13 8.51
Q4 2018 1,250.63 0.53 0.53 8.43
Q1 2019 1,250.63 0.50 0.50 8.68
Q2 2019 1,250.63 0.07 0.07 8.51
Q3 2019 1,250.63 0.19 0.19 8.88
Q4 2019 1,250.63 (0.44) (0.44) 8.03
Q1 2020 1,250.63 (2.08) (2.08) 6.59
Q2 2020 1,250.63 (2.98) (2.98) 5.44
Q3 2020 1,250.63 (3.78) (3.78) 4.96
Q4 2020 1,250.63 (3.02) (3.02) 4.96
Q1 2021 1,250.63 (1.07) (1.07) 5.48
Q2 2021 1,250.63 0.65 0.65 6.07
Q3 2021 1,250.63 1.32 1.32 6.24
Q4 2021 1,250.63 1.63 1.63 6.64
Q1 2022 1,250.63 1.69 1.69 7.25
Q2 2022 1,250.63 2.22 2.03 8.41
Q3 2022 1,671.00 0.69 0.54 10.13
Q4 2022 1,671.00 (0.67) (0.81) 9.13
Q1 2023 1,671.00 (1.68) (1.82) 8.55
Q2 2023 1,671.00 (3.22) (3.22) 7.84
Q3 2023 1,671.00 (3.06) (2.84) 7.15
Q4 2023 1,671.00 (2.81) (2.59) 6.31
Q1 2024 1,671.00 (3.05) (2.83) 5.50
Q2 2024 1,671.00 (2.99) (2.77) 4.84
Q3 2024 1,671.00 (3.08) (3.08) 6.33
Q4 2024 1,671.00 (2.72) (2.72) 5.87

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2015 52.78 52.78 2.56
Q2 2015 30.59 30.59 2.41
Q3 2015 More than 100 More than 100 2.01
Q4 2015 NEG NEG 1.72
Q1 2016 NEG NEG 1.50
Q2 2016 NEG NEG 1.62
Q3 2016 NEG NEG 1.43
Q4 2016 More than 100 More than 100 1.64
Q1 2017 NEG NEG 1.85
Q2 2017 More than 100 More than 100 1.59
Q3 2017 16.71 16.71 1.75
Q4 2017 13.53 13.53 1.91
Q1 2018 14.84 14.84 2.78
Q2 2018 17.68 17.68 3.21
Q3 2018 19.32 19.32 2.57
Q4 2018 33.42 33.42 2.12
Q1 2019 37.77 37.77 2.19
Q2 2019 More than 100 More than 100 2.29
Q3 2019 98.10 98.10 2.09
Q4 2019 NEG NEG 2.53
Q1 2020 NEG NEG 1.52
Q2 2020 NEG NEG 2.31
Q3 2020 NEG NEG 2.95
Q4 2020 NEG NEG 2.61
Q1 2021 NEG NEG 2.88
Q2 2021 33.67 33.67 3.63
Q3 2021 19.89 19.89 4.20
Q4 2021 11.90 11.90 2.92
Q1 2022 15.66 15.66 3.65
Q2 2022 10.26 11.21 2.71
Q3 2022 20.02 25.23 1.35
Q4 2022 NEG NEG 1.17
Q1 2023 NEG NEG 1.18
Q2 2023 NEG NEG 1.47
Q3 2023 NEG NEG 1.52
Q4 2023 NEG NEG 1.64
Q1 2024 NEG NEG 1.37
Q2 2024 NEG NEG 1.38
Q3 2024 NEG NEG 1.30
Q4 2024 NEG NEG 1.41

Business Segments (Million)

Compared With The
Period Refined products Petrochemical products
Q1 2015 5,808.61 1,839.40
Q2 2015 6,508.04 1,987.50
Q3 2015 5,337.85 1,336.75
Q4 2015 1,846.11 849.60
Q1 2016 3,949.86 997.40
Q2 2016 4,609.96 1,725.79
Q3 2016 5,036.36 1,339.26
Q4 2016 5,827.73 1,659.77
Q1 2017 5,288.48 1,413.75
Q2 2017 6,781.72 2,062.09
Q3 2017 6,986.55 2,154.77
Q4 2017 7,180.40 2,343.26
Q1 2018 7,525.00 2,331.35
Q2 2018 8,067.19 2,675.62
Q3 2018 9,410.60 2,630.65
Q4 2018 6,444.51 1,913.28
Q1 2019 6,512.69 1,915.32
Q2 2019 7,046.58 1,985.04
Q3 2019 6,930.13 1,811.98
Q4 2019 5,387.40 2,472.84
Q1 2020 2,632.33 1,429.31
Q2 2020 1,726.85 979.54
Q3 2020 4,196.94 2,854.78
Q4 2020 4,657.58 3,392.88
Q1 2021 6,339.68 3,795.84
Q2 2021 6,401.95 4,707.33
Q3 2021 6,925.36 4,351.62
Q4 2021 8,258.98 4,857.30
Q1 2022 10,164.99 4,236.63
Q2 2022 13,303.70 4,796.32
Q3 2022 8,653.58 3,991.28
Q4 2022 8,453.80 2,352.19
Q1 2023 8,710.13 2,270.37
Q2 2023 7,141.51 3,540.30
Q3 2023 9,309.08 3,338.37
Q4 2023 7,092.87 3,201.37
Q1 2024 5,766.51 2,217.48
Q2 2024 7,281.05 2,729.87
Q3 2024 6,765.79 3,191.32
Q4 2024 8,031.03 3,366.02


Financial Ratios
Current
Market Cap (M Riyal) 11,128.87
Enterprise Value (EV) (M Riyal) 30,701.37
Shares Outstanding ((M)) 1,671.00
EPS ( Riyal) (TTM) (2.48)
Book Value (BV) ( Riyal) 5.76
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 1.16
Return on Average Assets (%) (TTM) (6.85 )
Return on Average Equity (%) (TTM) (46.72 )
EV/adj EBITDA 83.72
EV/Revenues 0.83
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Share Price

Rabigh Refining and Petrochemical Co.
6.66
0.06 0.91 %

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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