Riyadh – Mubasher: Rabigh Refining and Petrochemical Company (Petro Rabigh) shifted to net losses after Zakat and tax valued at SAR 964 million in the first quarter (Q1) of 2023, against profits worth SAR 725 million in Q1-22.
Petro Rabigh recorded a 23.75% year-on-year (YoY) drop in revenue to SAR 10.98 billion during January-March 2023 from SAR 14.40 billion, according to the interim income statements.
Loss per share stood at SAR 0.58 in the first three months (3M) of 2023, versus earnings per share (EPS) amounting to SAR 0.63 during the same period in 2022.
On a quarterly basis, the Q1-23 net losses after Zakat and tax plummeted by 46.77% from SAR 1.81 billion in Q4-22, while the revenues grew by 1.62% from SAR 10.80 billion.
Accumulated Losses
The accumulated losses hit SAR 2.66 billion as of 31 March 2023, equivalent to 15.96% of the SAR 16.71 billion capital.
Last year, the Saudi firm turned to net losses after Zakat and tax totalling SAR 1.11 billion, compared to profits worth SAR 2.03 billion in 2021.
In 9M-22, the company’s net profits after Zakat and tax shrank by 56.17% YoY to SAR 696 million from SAR 1.58 billion.
