Rabigh Refining and Petrochemical Co. (Petro Rabigh) swung to net loss of SAR 3.842 billion in the first nine months of 2020, compared to a profit of SAR 343 million in the same period last year.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 26,201.74 | 13,819.74 | (47.3 %) |
| Gross Income | 1,978.93 | (1705.39) | (186.2 %) |
| Operating Income | 1,001.77 | (2807.13) | (380.2 %) |
| Net Income | 342.56 | (3841.73) | (1221.5 %) |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | 0.27 | (3.07) | (1221.5 %) |
The decline came as the Petro Rabigh complex was under planned total shutdown for periodic maintenance and inspection for 60 days during the period, the firm said in a statement to Tadawul.
In addition, product margins were lower due to the challenging economic conditions amid COVID-19 pandemic, putting downward pressure on prices.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 8,742.11 | 7,051.72 | (19.3 %) |
| Gross Income | 870.60 | 133.19 | (84.7 %) |
| Operating Income | 595.98 | (303.97) | (151.0 %) |
| Net Income | 394.17 | (609.80) | (254.7 %) |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | 0.32 | (0.49) | (254.7 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 2,706.39 | 7,051.72 | 160.6 % |
| Gross Income | (453.08) | 133.19 | 129.4 % |
| Operating Income | (788.61) | (303.97) | 61.5 % |
| Net Income | (1435.09) | (609.80) | 57.5 % |
| Average Shares | 1,250.63 | 1,250.63 | - |
| EPS (Riyals) | (1.15) | (0.49) | 57.5 % |
The Q3 net loss stood at SAR 610 million, against a net profit of SAR 394 million in the same quarter last year, primarily due to lower refinery margins and the challenging market conditions amid COVID-19 pandemic.
The firm’s net loss narrowed 57.5% in Q3 2020 from SAR 1.435 billion in Q2 2020.
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