RABIGH REFINING AND PETROCHEMICAL CO (PETRO RABIGH) ANNOUNCES THE INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING ON 30/06/2019 (6 MONTHS)

29 July 2019 03:21 PM

PETRO RABIGH 2380 -25.45% 7.44 -2.54

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	9,032	10,743	-15.926	8,428	7.166
Total Profit (Loss)	291	664	-56.174	818	-64.425
Profit (Loss) Operational	-30	333	-	478	-
Net Profit (Loss) after Zakat and Tax	-308	235	-	257	-
Total Comprehensive Income	-308	235	-	257	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	17,460	20,599	-15.238
Total Profit (Loss)	1,108	1,436	-22.841
Profit (Loss) Operational	448	729	-38.545
Net Profit (Loss) after Zakat and Tax	-52	531	-
Total Comprehensive Income	-52	531	-
Total Share Holders Equity (after deducting minority equity)	10,642	10,326	3.06
Profit (Loss) per Share	-0.06	0.61
All figures are in (Millions) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	0	8,760	0

Element List	Explanation
Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year	The reason for the net loss during the current quarter compared with the net profit of the same quarter last year is mainly due to lower refined and petrochemical products margins, despite improved operating performance. The results were also impacted by IFRS 16 adoption and revision of useful lives of property, plant and equipment.
Reason for increase (decrease) in net profit for current quarter compared to the previous quarter	The reason for the net loss during the current quarter compared with the net profit of the previous quarter is mainly due to the lower refined and petrochemical products margins despite improved operating performance.
Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year	The reason of the net loss during the current period compared with the net profit of the same period last year is mainly due to the lower refined and petrochemical products margins. This was partially offset by stable operations, the results were also impacted by IFRS 16 adoption and revision of useful lives of property, plant and equipment.
Type of the external auditor's opinion	Unmodified opinion
External auditor's report containing reservation	Not Applicable.
Reclassifications in quarter financial result	Not Applicable.
Additional Information	The Company adopted IFRS 16 - Leases with the date of initial application of January 1, 2019. The impact of adoption of IFRS 16 is disclosed in the note 2.1 to the condensed interim financial statements for the period ended June 30, 2019. The Company has revised the estimated useful lives of property, plant and equipment effective from January 1, 2019, based on an independent technical assessment, advice from the Company’s technical teams and comparable market practices. The impact of revision in estimated useful lives of property, plant and equipment is disclosed in the note 2.2 to the condensed interim financial statements for the period ended June 30, 2019.
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