Financial Results : Petro Rabigh loses SAR 691M in Q1 2025

Petro Rabigh loses SAR 691M in Q1 2025

12/05/2025 Argaam Exclusive

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Rabigh Refining and Petrochemical Co. (Petro Rabigh) narrowed Q1 2025 net losses by 49% to SAR 691 million, from SAR 1.36 billion in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 7,983.99 11,492.91 43.9 %
Gross Income (505.02) 218.62 143.3 %
Operating Income (867.66) (348.54) 59.8 %
Net Income (1365.01) (690.84) 49.4 %
Average Shares 1,671.00 1,671.00 -
Earnings Per Share before unusual items (Riyal) (0.82) (0.41) 49.4 %
EPS (Riyal) (0.82) (0.41) 49.4 %

The decline in losses was driven by better sales and improved margins on higher volumes of refined and petrochemical products amid relatively stable operations during the three-month period.

 

Additionally, the company recorded lower finance charges, due to the irrevocable and unconditional waiver of the revolving shareholder loan (announced separately on Aug. 29, 2024, and Jan. 28, 2025, on Tadawul), along with lower benchmark interest rates in the current quarter.

 

Meanwhile, losses decreased by 11.4% from SAR 780 million in Q4 2024, thanks to a marginal quarter-on-quarter (QoQ) increase in sales and higher prices of refined products and volumes.

 

Petro Rabigh also recorded improved profit margins from petrochemical products.

 

Total shareholders’ equity, no minority interest, reached SAR 10.9 billion as of March 31, 2025, up from SAR 9.18 billion a year earlier.

 

Accumulated losses stood at SAR 5.96 billion as of March 31, 2025, representing 35.72% of the company’s capital.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2025 11,492.91 43.9 % 218.62 143.3 % (348.54) 59.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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)
Q1 2025 (690.84) 49.4 % (0.41) - (690.84) (0.41)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 %)
Q1 2025 (0.61 %) 2.38 % (9.03 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2025 1,671.00 (2.32) (2.32) 6.58

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q1 2025 NEG NEG 1.20

Business Segments (Million)

Compared With The
Period Refined products Petrochemical products
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
Q1 2025 8,352.95 3,139.96


Financial Ratios
Current
Market Cap (M Riyal) 11,295.97
Enterprise Value (EV) (M Riyal) 30,868.47
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 1.17
Return on Average Assets (%) (TTM) (6.85 )
Return on Average Equity (%) (TTM) (46.72 )
EV/adj EBITDA 84.18
EV/Revenues 0.84
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Share Price

Rabigh Refining and Petrochemical Co.
6.75
0.09 1.35 %

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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