Rabigh Refining and Petrochemical Co. (Petro Rabigh) announces its annual financial results ended on 31/12/2022
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 55,952 | 45,638 | 22.6 | ||
| Gross Profit (Loss) | 1,684 | 4,756 | -64.59 | ||
| Operational Profit (Loss) | 12 | 3,192 | -99.62 | ||
| Net Profit (Loss) after Zakat and Tax | -1,115 | 2,037 | - | ||
| Total Comprehensive Income | -972 | 2,077 | - | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 15,255 | 8,306 | 83.66 | ||
| Profit (Loss) per Share | -0.79 | 1.77 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the net loss during the current year compared to the net profit of the last year was mainly due to unfavorable market conditions adversely affecting product volumes and margins for the petrochemical products. Also a significant negative margin on certain refined products in particular high Sulphur fuel oil and Naphtha during the second half of 2022. Furthermore, Petro Rabigh complex was partially shutdown for scheduled turnaround of its Phase II units starting from December 1, 2022 to January 23, 2023. In addition, the year witnessed a sharp increase in interest rates which resulted in higher financial costs for the current year compared to last year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Not Applicable |
| Reclassification of Comparison Items | Not Applicable |
| Additional Information | 1- During the current year ended December 31, 2022, the Company increased its share capital through a rights issue with a total value of Saudi Riyals 7,950 million. Pursuant to the rights issue, the Company’s share capital increased from Saudi Riyals 8,760 million to Saudi Riyals 16,710 million. The proceeds of the Rights Issue was mainly used to settle the founding shareholders loan amounting to Saudi Riyals 5,962.5 million and partially settle the equity bridge loan by Saudi Riyals 1,940.5 million.
2- The accumulated losses as at December 31, 2022 according to the audited financial statements for the year ended December 31, 2022 amounted to Saudi Riyals 1,702 million representing 10.19% of the Company's share capital of Saudi Riyals 16,710 million. |
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