Riyadh – Mubasher: Rabigh Refining and Petrochemical Company (Petro Rabigh) registered SAR 1.36 billion in net loss during the first quarter (Q1) of 2024, an annual leap of 41.59% from SAR 964 million.

The revenues hit SAR 7.98 billion in the three-month period that ended on 31 March 2024, marking a 27.29% year-on-year (YoY) plunge from SAR 10.98 billion, according to the interim financials.

In the first three months (3M) of 2024, the loss per share climbed YoY to SAR 0.82 from SAR 0.58.

Quarterly, the Q1-24 net losses dropped by 1.65% from SAR 1.38 billion in October-December 2023, while the revenues shrank by 22.44% from SAR 10.29 billion.

Petro Rabigh attributed the decrease in the current loss when compared to Q4-23 to a marginal improvement in product margins.

Accumulated Losses

The company incurred accumulated losses totalling SAR 7.77 billion as of 31 March 2024, accounting for 46.51% of the capital. 

In 2023, the net losses of Petro Rabigh enlarged by 320.90% to SAR 4.69 billion from SAR 1.11 billion as of 31 December 2022.