Petro Rabigh’s accumulated losses down to 8.01% of capital

Logo of Petro Rabigh

Rabigh Refining and Petrochemical Co.’s (Petro Rabigh) accumulated losses declined as of Dec. 31, 2021, from SAR 1.21 billion to SAR 701.71 million as of Sept. 30, 2021, representing 8.01% of the company’s capital of SAR 8.76 billion, according to a bourse filing.

On Feb. 27, Petro Rabigh’s board of directors revised its recommendation to decrease the company’s capital by 8.01% instead of 13.76%, according to data compiled by Argaam.

The Saudi-listed firm swung to a net profit after Zakat and tax of SAR 2.037 billion in 2021, versus a net loss of SAR 3.781 billion in the previous year.