Riyadh – Mubasher: Rabigh Refining and Petrochemical Company (Petro Rabigh) shifted to net losses after Zakat and tax valued at SAR 3.30 billion in the first nine months (9M) of 2023.

The losses were incurred against net profits amounting to SAR 696 million in 9M-22, according to the interim financial results.

Revenues reached SAR 34.31 billion in 9M-23, down 24% year-on-year (YoY) from SAR 45.14 billion.

Loss per share stood at SAR 1.98 in January-September 2023, versus earnings per share (EPS) worth SAR 0.53 a year earlier.

Financials for Q3-23

During the third quarter (Q3) of 2023, the company incurred net losses after Zakat and tax worth SAR 1.14 billion, lower by 18.97% YoY than SAR 1.41 billion.

The revenue edged up by 0.01% to SAR 12.647 billion in Q3-23 from SAR 12.645 billion in July-September 2022.

On a quarterly basis, the net losses in Q3-23 declined by 4.26% from SAR 1.19 billion in Q2-23, while the revenues climbed by 18.39% from SAR 10.68 billion.

Accumulated Losses

The accumulated losses hit SAR 5 billion as of 30 September 2023, accounting for 29.96% of the SAR 16.71 billion capital.