Petro Rabigh incurs losses of SAR 4.5 billion by the end of 2024, a 3% decline

Rabigh Refining and Petrochemical Company (Petro Rabigh) recorded losses of SAR 4.5 billion by the end of 2024, compared to losses of SAR 4.6 billion in 2023, a 3% decline. This came after today’s announcement of the preliminary financial results for the period ending December 31, 2024.

The operating loss amounted to SAR 2.5 billion by the end of 2024, compared to losses of SAR 2.6 billion in 2023, a decrease of 1.3%.

Shareholders’ equity (excluding non-controlling interests) for the current year amounted to SAR 9.8 billion, compared to SAR 10.5 billion in 2023, a decrease of 7%. The loss per share for the current year amounted to SAR 2.72, compared to a loss of SAR 2.81 in 2023.

The company stated in a statement that the decrease in sales during this year compared to the previous year was primarily due to lower sales volumes of refined and petrochemical products, as well as lower selling prices for refined products. The unscheduled shutdown of the High Olefins Catalytic Cracker (HOFCC) unit in the first quarter of 2024 for emergency maintenance necessary to ensure the safety and reliability of the unit further contributed to the decline in sales.