Saudi: Petro Rabigh shifts to $576mln losses in H1-23; accumulated losses unveiled

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Riyadh – Rabigh Refining and Petrochemical Company (Petro Rabigh) turned to net losses after Zakat and tax worth SAR 2.16 billion in the first half (H1) of 2023, versus net profits of SAR 2.10 billion in H1-22.

The revenues shrank by 33.35% to SAR 21.66 billion during January-June 2023 from SAR 32.50 billion a year earlier, according to the interim financial results.

Loss per share reached SAR 1.29 in H1-23, against earnings per share (EPS) of SAR 1.83 in H1-22.

Financial Results for Q2-23

The firm also shifted to net losses amounting to SAR 1.19 billion in the second quarter (Q2) of 2023, compared to net profits standing at SAR 1.38 billion in Q2-22.

Revenues dropped by 40.98% year-on-year (YoY) to SAR 10.68 billion in the three-month period that ended on 30 June 2023, compared to SAR 18.10 billion.

On a quarterly basis, the Q2-23 net losses enlarged by 24.07% from the SAR 964 million losses reported in Q1-23, while the revenues went down by 2.72% from SAR 10.98 billion.

Accumulated Losses

Petro Rabigh incurred accumulated losses valued at SAR 3.86 billion as of 30 June 2023, accounting for 23.11% of the SAR 16.71 billion capital.