Riyadh – Mubasher: The net loss of Rabigh Refining and Petrochemical Company (Petro Rabigh) surged 320.90% year-on-year (YoY) to SAR 4.69 billion in 2023 from SAR 1.11 billion.

Revenues declined by 20.28% YoY to SAR 44.60 billion last year from SAR 55.95 billion, according to the annual financial results.

The loss per share rose to SAR 2.81 in 2023 from SAR 0.79 in 2022.

It is worth noting that Petro Rabigh's accumulated losses totalled SAR 6.40 billion on 31 December 2023, equivalent to 38.34% of the capital.

Petro Rabigh turned to net losses worth SAR 3.30 billion In the first nine months (9M) of 2023, against net profits of SAR 696 million in 9M-22.