| Element List |
Explanation |
| Introduction |
Rabigh Refining and Petrochemical Co. (Petro Rabigh) announces that its accumulated loses reached 21.17% of its share capital of Saudi Riyals 16,710 million based on the unaudited financial results for the month of May 2023 that was closed on 12-06-2023 G corresponding to 23-11-1444 H. |
| Date of Realization of the Loss |
2023-05-31 Corresponding to 1444-11-11 |
| Amount of the Accumulated Losses |
Saudi Riyals 3,538 million |
| Percentage of the Accumulated Losses out of the Capital (%) |
21.17 % |
| Major Reasons Leading to the Losses |
The losses were mainly due to depressed margins for both refined and petrochemicals products, shutdown for scheduled turnaround of Phase II units of Petro Rabigh complex starting from December 1, 2022 to January 23, 2023 and shutdown of the Ethane cracker unit starting 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 which resulted in higher financial costs. |
| Application of the Procedures and Instructions |
Procedures and Instructions Applicable on Companies Listed in Saudi Capital Market Whose Accumulated Losses Reach 20% or more out of the Capital Thereof will be Applied |
| Reference to additional procedures or instructions |
Not applicable |
| Additional Information |
Not applicable |
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