Petro Rabigh Net Profits Soar to SR221mln

Rabigh Refining and Petrochemical Company “Petro Rabigh” made a net profit of SR221 million, after zakat and tax deductions, compared to losses of SR610 million, in the same quarter the previous year.

Consolidated preliminary financial results for the period ending September 30, 2021, indicated. (9 months).

The operational profit was SR492 million, compared to SR288 million, in the same quarter the previous year.

Gross profit increased 603% to SR935 million, compared to SR133 million, in the same quarter the prior year.

The current period’s net profit after zakat and tax was SR1.58 billion, compared to a loss of SR3.84 billion, in the previous year’s similar period.
Earnings per share for the current quarter were 1.81 riyals, compared to a loss of 4.39 riyals for the same quarter last year.

The improvement in product profit margins was a result of the better market circumstances and the gradual recovery of the world economy from the impact of the Coronavirus epidemic.

During Q3, “Petro Rabigh” made a net profit of SR221 million, was the quarter’s net profit compared to the same quarter last year’s net loss.
In addition, operations in the industrial complex have been stable this quarter compared to the same period last year.

The drop in net profit in the current quarter compared to the previous quarter of the current year, was due to a delay in exporting some products until October and a reduction in the operating rate, in some petrochemical plant units owing to unscheduled maintenance work.

Profit margin improvement for petrochemical products as a result of positively changing market conditions and the gradual recovery of the global economy from the impact of the pandemic is primarily due to the betterment in the profit margin for petrochemical products, as a result of favorable market conditions and the gradual recovery of the global economy from the impact of the pandemic.

Furthermore, during the same period of the previous year, the company’s industrial complex was completely shut down for 60 days, in order to conduct comprehensive and previously scheduled periodic maintenance, as well as a decrease in demand and profit margin on petrochemical products as a result of the ongoing pandemic.

According to the preliminary and unaudited intensive financial statements for the nine-month period ending on September 30, 2021, accumulated losses decreased to SR1,205 million, representing 13.76% of the company’s capital, from SR1,422 million, in the previous quarter ending on June 30, 2021.
It accounts for 16.23% of the company’s total capital of SR8,760 million.
This is owing to this year’s positive outcomes in the current quarter.