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24 April 11:26 AM

Rabigh Refining and Petrochemical Co. announces the annual financial results for the period ending on 31-12-2017

PETRO RABIGH 2380 -26.05% 7.38 -2.60
Element Current year Previous year % Change
Net profit (loss) 1,423 35 3,965.71
Earning or loss per share, Riyals 1.62 0.04 -
Gross profit (loss) 2,696 1,107 143.54
Operational profit (loss) 1,704 158 978.48
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of annual financial results The increase in the realized net profit during the current period as compared with the same period last year was mainly due to the stability of production processes in the complex and continued improvement in operational performance, leading to improved production and sales volumes on both refined products and petrochemicals. Additionally, overall better market price for petrochemicals and the slight improvement in refinery margins contributed to higher profitability.
Other notes 1- Sales for the year ended 31 December 2017 amounted to SAR 34,211 million compared to SAR 25,146 million for the previous year, resulting in an increase of 36%. The reason for increase is due to an increase in both price and quantity of products sold. 2- Total comprehensive income for the year ended 31 December 2017 amounted to SAR 1,408 million, compared to total comprehensive loss of SAR 18 million for the previous year. 3- The shareholders equity (There are no minority interests) for the year ended 31 December 2017 amounted to SAR 10,086 million compared to SAR 8,396 million at the end of previous year with an increase of 20%. 4- Petrorabigh has adopted the International Financial Reporting Standards (IFRS) effective January 1, 2017. Accordingly, some changes in the financial statements have been made in the measurement, recognition and presentation for the current and comparative periods in accordance with IFRS as endorsed by the Saudi Organization for Certified Public Accountants.

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