Rabigh Refining and Petrochemical Co. (Petro Rabigh) announces its Interim financial results ended on 2023-09-30 (Nine Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 12,647 | 12,645 | 0.01 | 10,682 | 18.39 |
| Gross Profit (Loss) | 310 | -772 | - | -202 | - |
| Operational Profit (Loss) | -594 | -1,147 | -48.21 | -703 | -15.5 |
| Net Profit (Loss) after Zakat and Tax | -1,145 | -1,413 | -18.97 | -1,196 | -4.26 |
| Total Comprehensive Income | -1,145 | -1,413 | -18.97 | -1,196 | -4.26 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 34,310 | 45,146 | -24 |
| Gross Profit (Loss) | -20 | 2,729 | - |
| Operational Profit (Loss) | -1,816 | 1,478 | - |
| Net Profit (Loss) after Zakat and Tax | -3,305 | 696 | - |
| Total Comprehensive Income | -3,305 | 696 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 11,950 | 16,926 | -29.4 |
| Profit (Loss) per Share | -1.98 | 0.53 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Accumulated Losses | Capital | Percentage % | |
|---|---|---|---|
| 5,007 | 16,710 | 29.96 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for the decrease in net loss during the current quarter as compared to the same quarter of last year is due to improved refined products margin and a slight improvement in petrochemical products margin. These improvements were negatively impacted by the increase in finance cost due to the higher interest rates and one-off provision for a claim raised by a third party against the Company amounting to Saudi Riyals 365.7 million, which was reported under general and administrative expenses in the condensed statement of profit or loss. The Company is contesting the matter and had filed an appeal with the Supreme Court of Cessation. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The reason for the decrease in net loss during the current quarter as compared to the previous quarter is primarily due to improved refined products margin. The results were negatively impacted by one-off provision for a claim raised by a third party against the Company amounting to Saudi Riyals 365.7 million, which was reported under general and administrative expenses in the condensed statement of profit or loss. The Company is contesting the matter and had filed an appeal with the Supreme Court of Cessation. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reason for the net loss during the current period as compared to the net profit for the same period of last year is primarily due to unfavorable market conditions adversely affecting the margins for both refined and petrochemical products.
In addition, Petro Rabigh complex was partially shut down for scheduled turnaround of its Phase II units starting from December 1, 2022 to January 23, 2023 and the Ethane cracker unit was shut down starting from March 1, 2023 to March 20, 2023 for necessary maintenance activities to enhance the plant’s reliability. Further the higher losses in the current period are also attributed to the higher financing costs was increased due to higher interest rate during the current period and one-off provision for a claim raised by a third party against the Company amounting to Saudi Riyals 365.7 million, which was reported under general and administrative expenses in the condensed statement of profit or loss. The Company is contesting the matter and had filed an appeal with the Supreme Court of Cessation. Furthermore, a non-recurring income was recorded during the same period of last year amounting to SR 236.3 million related to early settlement of long-term loans, which was classified as financial income under the statement of profit and loss. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | Not Applicable |
| Reclassification of Comparison Items | Not Applicable |
| Additional Information | The accumulated losses as at September 30, 2023 according to the condensed interim financial statements for the period ended September 30, 2023 amounted to Saudi Riyals 5,007 million representing 29.96% of the Company's share capital of Saudi Riyals 16,710 million. The main causes of these accumulated losses are attributed to deteriorating market conditions for refined and petrochemical products; higher finance cost due to increase in interest rates; and one-off provision for a claim raised by a third party against the Company amounting to Saudi Riyals 365.7 million.
Procedures and instructions applicable on Companies listed on the Saudi Capital Market whose Accumulated losses reach 20% or more will be applied. |
Comments