‎“Petro Rabigh” announces accumulated losses reached 21.17% ‎of capital

Rabigh Refining and Petrochemical Company announced that its accumulated losses amounted to 21.17% of the capital amounting to 16,710 million riyals, based on the unaudited financial results for the month of May 2023 AD, which were closed on 06-12-2023 AD.

The company attributed the main reasons that led to these losses to the sharp decline in profit margins for refined and petrochemical products and the scheduled shutdown of the units of the second phase of the Petro Rabigh complex, starting from December 1, 2022 AD to January 23, 2023 AD. The ethane cracker unit was also stopped, starting from December 1. March 2023 AD to March 20, 2023 AD to carry out the necessary maintenance work and enhance the reliability of the plant.

In addition, the sharp increase in interest rates led to an increase in financing costs during the period ending on May 31, 2023 AD.

The procedures and instructions for companies whose shares are listed on the Saudi financial market, whose accumulated losses amounted to 20% or more of their capital, will be applied.