Riyadh – Mubasher: Rabigh Refining and Petrochemical Company (Petro Rabigh) suffered accumulated losses totalling SAR 6.40 billion as of 31 December 2023, equivalent to 38.34% of the capital.
Petro Rabigh attributed the registered losses to challenging market conditions affecting the margins for both refined and petrochemical products, according to a bourse statement.
The negative income was also due to the turnaround of the company’s Phase II units during the period from December 2022 to 23 January 2023. This is in addition to the unplanned shutdown of the Ethane cracker unit during 1-20 March 2023.
In the first nine months (9M) of 2023, Petro Rabigh turned to net losses after Zakat and tax worth SAR 3.30 billion, against net profits valued at SAR 696 million in 9M-22.
The accumulated losses reached SAR 5 billion as of 30 September 2023, which represented 29.96% of the SAR 16.71 billion capital.
