Petro Rabigh widens 2023 losses to SAR 4.69B; Q4 loss at SAR 1.38B

Petro Rabigh widens 2023 losses to SAR 4.69B; Q4 loss at SAR 1.38B

24/03/2024 Argaam Exclusive

View other reports

Rabigh Refining and Petrochemical Co.'s (Petro Rabigh) net losses widened to SAR 4.69 billion in 2023 from SAR 1.11 billion a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 55,952.48 44,603.99 (20.3 %)
Gross Income 1,683.73 (578.50) (134.4 %)
Operating Income (88.94) (2329.77) (2,519.6 %)
Net Income (1114.88) (4692.73) (320.9 %)
Average Shares 1,671.00 1,671.00 -
EPS (Riyals) (0.67) (2.81) (320.9 %)

Losses deepened due to lower average selling prices and sales volumes on challenging market conditions and a decrease in production on unplanned shutdown and complex optimization.

 

The market conditions also adversely affected the margins of both refined and petrochemical products. This is in addition to the significant increase in the financing costs on higher interest rates.

 

Petro Rabigh also attributed the losses to the unplanned shutdown of the ethane cracker unit, from March 1-20, 2023, for necessary maintenance activities to enhance the plant’s reliability. It also cited the unplanned shut down of the high olefins fluid catalytic cracker (HOFCC) unit for necessary repairs and maintenance in December 2023.

 

Further, the petrochemical producer reported a one-off provision of SAR 365.7 million for a claim raised by a third party against the company.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 10,805.99 10,294.23 (4.7 %)
Gross Income (1045.15) (558.83) 46.5 %
Operating Income (1492.86) (822.98) 44.9 %
Net Income (1810.92) (1387.49) 23.4 %
Average Shares 1,671.00 1,671.00 -
EPS (Riyals) (1.08) (0.83) 23.4 %

Petro Rabigh narrowed losses to SAR 1.38 billion in Q4 2023 from SAR 1.81 billion in Q4 2022.

 

On a sequential basis, the company cut its losses from SAR 1.14 billion in Q3 2023.

 

Total shareholders’ equity, no minority interest, reached SAR 10.55 billion as of Dec. 31, 2023, down from SAR 15.25 billion a year earlier.

 

Accumulated losses amounted to SAR 6.40 billion at the end of 2023, representing 38.34% of the company's capital of SAR 16.71 billion.

 

The board took several actions to address the accumulated losses, including evaluating the funding position and liquidity to assess the company’s ability to meet due obligations. This also included reviewing and approving the business plan for 2024, 2025 and 2026, including cash flows and forecasts.

 

Petro Rabigh reviewed potential founding shareholders’ support through payment term adjustments and crude slate changes in order to improve cash flows and products margin.

 

Further, the company reviewed the economics and cash flow projections of two mega projects, Debottlenecking Project and Diesel Hydrotreater Project, and assessed their impact on profitability and cash flows. This is expected to favorably affect profitability in the medium and long terms.

 

The transformation program, launched in 2021, was evaluated and several value-added initiatives introduced to improve profitability. The board also reviewed 40 new initiatives intended to mitigate the operating losses in 2024, in addition to the recurring value of the 185 initiatives implemented under the transformation program.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 14,235.50 39.7 % 672.14 249.5 % 413.05 162.8 % 0.33
Q2 2014 14,040.48 (1.1 %) 446.38 6968.4 % 171.98 172.7 % 0.14
Q3 2014 14,814.36 18.1 % 558.23 176.4 % 294.33 1997.6 % 0.24
Q4 2014 11,146.41 (18.5 %) 48.49 (93.2 %) (197.92) (116.0 %) (0.16)
Q1 2015 7,648.01 (46.3 %) 577.44 (14.1 %) 205.43 (50.3 %) 0.16
Q2 2015 8,495.54 (39.5 %) 740.32 65.9 % 504.92 193.6 % 0.40
Q3 2015 6,674.60 (54.9 %) (250.09) (144.8 %) (460.12) (256.3 %) (0.37)
Q4 2015 2,695.71 (75.8 %) (772.34) (1692.7 %) (1008.73) (409.7 %) (0.81)
Q1 2016 4,947.26 (35.3 %) 221.46 (61.6 %) (36.64) (117.8 %) (0.03)
Q2 2016 6,335.74 (25.4 %) 400.82 (45.9 %) 101.00 (80.0 %) 0.08
Q3 2016 6,375.62 (4.5 %) 25.03 110.0 % (210.55) 54.2 % (0.17)
Q4 2016 7,487.51 177.8 % 460.12 159.6 % 180.98 117.9 % 0.14
Q1 2017 6,702.23 35.5 % 65.14 (70.6 %) (239.69) (554.2 %) (0.19)
Q2 2017 8,843.80 39.6 % 634.67 58.3 % 315.66 212.6 % 0.25
Q3 2017 9,141.32 43.4 % 1,101.80 4301.9 % 706.47 435.5 % 0.56
Q4 2017 9,523.67 27.2 % 894.42 94.4 % 640.54 253.9 % 0.51
Q1 2018 9,856.35 47.1 % 772.06 1085.3 % 296.15 223.6 % 0.24
Q2 2018 10,742.81 21.5 % 664.18 4.6 % 234.50 (25.7 %) 0.19
Q3 2018 12,041.25 31.7 % 607.50 (44.9 %) 243.44 (65.5 %) 0.19
Q4 2018 8,357.79 (12.2 %) 271.31 (69.7 %) (105.53) (116.5 %) (0.08)
Q1 2019 8,428.02 (14.5 %) 817.68 5.9 % 256.84 (13.3 %) 0.21
Q2 2019 9,031.62 (15.9 %) 290.65 (56.2 %) (308.45) (231.5 %) (0.25)
Q3 2019 8,742.11 (27.4 %) 870.60 43.3 % 394.17 61.9 % 0.32
Q4 2019 7,860.24 (6.0 %) (261.02) (196.2 %) (886.71) (740.3 %) (0.71)
Q1 2020 4,061.63 (51.8 %) (1385.50) (269.4 %) (1796.83) (799.6 %) (1.44)
Q2 2020 2,706.39 (70.0 %) (453.08) (255.9 %) (1435.09) (365.3 %) (1.15)
Q3 2020 7,051.72 (19.3 %) 133.19 (84.7 %) (609.80) (254.7 %) (0.49)
Q4 2020 8,050.46 2.4 % 802.78 407.6 % 60.61 106.8 % 0.05
Q1 2021 10,135.53 149.5 % 1,286.33 192.8 % 649.37 136.1 % 0.52
Q2 2021 11,109.27 310.5 % 1,367.05 401.7 % 716.94 150.0 % 0.57
Q3 2021 11,276.98 59.9 % 935.43 602.3 % 221.45 136.3 % 0.18
Q4 2021 13,116.29 62.9 % 1,167.68 45.5 % 448.90 640.6 % 0.36
Q1 2022 14,401.62 42.1 % 1,480.26 15.1 % 724.76 11.6 % 0.58
Q2 2022 18,100.01 62.9 % 2,020.58 47.8 % 1,384.73 93.1 % 1.11
Q3 2022 12,644.86 12.1 % (771.96) (182.5 %) (1413.45) (738.3 %) (0.85)
Q4 2022 10,805.99 (17.6 %) (1045.15) (189.5 %) (1810.92) (503.4 %) (1.08)
Q1 2023 10,980.50 (23.8 %) (127.61) (108.6 %) (964.11) (233.0 %) (0.58)
Q2 2023 10,681.80 (41.0 %) (202.03) (110.0 %) (1196.05) (186.4 %) (0.72)
Q3 2023 12,647.46 0.0 % 309.97 140.2 % (1145.08) 19.0 % (0.69)
Q4 2023 10,294.23 (4.7 %) (558.83) 46.5 % (1387.49) 23.4 % (0.83)
2023 44,603.99 (20.3 %) (578.50) (134.4 %) (4692.73) (320.9 %) (2.81)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 2.90 % 5.38 % 1.24 %
Q2 2014 3.74 % 6.20 % 2.00 %
Q3 2014 4.21 % 6.49 % 2.41 %
Q4 2014 3.18 % 5.56 % 1.26 %
Q1 2015 3.42 % 5.94 % 0.99 %
Q2 2015 4.57 % 7.40 % 1.92 %
Q3 2015 3.29 % 6.76 % 0.15 %
Q4 2015 1.16 % 5.55 % (2.97 %)
Q1 2016 (0.27 %) 5.38 % (4.39 %)
Q2 2016 (1.94 %) 4.26 % (6.80 %)
Q3 2016 (0.61 %) 5.96 % (5.67 %)
Q4 2016 4.40 % 10.11 % 0.14 %
Q1 2017 3.54 % 8.81 % (0.63 %)
Q2 2017 4.03 % 9.05 % 0.16 %
Q3 2017 7.03 % 11.47 % 2.99 %
Q4 2017 7.88 % 11.97 % 4.16 %
Q1 2018 9.11 % 12.46 % 5.24 %
Q2 2018 8.74 % 11.61 % 4.78 %
Q3 2018 6.97 % 9.69 % 3.36 %
Q4 2018 5.65 % 8.20 % 1.63 %
Q1 2019 5.97 % 8.57 % 1.59 %
Q2 2019 5.25 % 7.92 % 0.23 %
Q3 2019 6.51 % 9.27 % 0.69 %
Q4 2019 5.04 % 8.05 % (1.60 %)
Q1 2020 (1.63 %) 2.47 % (8.75 %)
Q2 2020 (5.26 %) 1.02 % (15.94 %)
Q3 2020 (9.07 %) (1.80 %) (21.81 %)
Q4 2020 (4.13 %) 3.21 % (17.29 %)
Q1 2021 6.33 % 12.28 % (4.78 %)
Q2 2021 9.88 % 14.42 % 2.25 %
Q3 2021 10.82 % 14.65 % 4.06 %
Q4 2021 10.42 % 13.64 % 4.46 %
Q1 2022 9.92 % 12.60 % 4.23 %
Q2 2022 9.85 % 11.86 % 4.47 %
Q3 2022 6.69 % 8.76 % 1.56 %
Q4 2022 3.01 % 5.27 % (2.41 %)
Q1 2023 0.14 % 2.66 % (5.79 %)
Q2 2023 (4.76 %) (1.75 %) (11.94 %)
Q3 2023 (2.36 %) 0.41 % (10.53 %)
Q4 2023 (1.30 %) 2.00 % (9.70 %)
2023 (1.30 %) 2.00 % (9.70 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 1,250.63 1.14 0.54 7.46
Q2 2014 1,250.63 1.47 0.87 7.59
Q3 2014 1,250.63 1.69 1.09 7.81
Q4 2014 1,250.63 0.54 0.54 7.64
Q1 2015 1,250.63 0.38 0.38 7.80
Q2 2015 1,250.63 0.65 0.65 8.20
Q3 2015 1,250.63 0.04 0.04 7.47
Q4 2015 1,250.63 (0.61) (0.61) 6.68
Q1 2016 1,250.63 (0.80) (0.80) 6.57
Q2 2016 1,250.63 (1.12) (1.12) 6.66
Q3 2016 1,250.63 (0.92) (0.92) 6.48
Q4 2016 1,250.63 0.03 0.03 6.71
Q1 2017 1,250.63 (0.13) (0.13) 6.43
Q2 2017 1,250.63 0.04 0.04 6.71
Q3 2017 1,250.63 0.77 0.77 7.34
Q4 2017 1,250.63 1.14 1.14 8.06
Q1 2018 1,250.63 1.57 1.57 8.36
Q2 2018 1,250.63 1.50 1.50 8.26
Q3 2018 1,250.63 1.13 1.13 8.51
Q4 2018 1,250.63 0.53 0.53 8.43
Q1 2019 1,250.63 0.50 0.50 8.68
Q2 2019 1,250.63 0.07 0.07 8.51
Q3 2019 1,250.63 0.19 0.19 8.88
Q4 2019 1,250.63 (0.44) (0.44) 8.03
Q1 2020 1,250.63 (2.08) (2.08) 6.59
Q2 2020 1,250.63 (2.98) (2.98) 5.44
Q3 2020 1,250.63 (3.78) (3.78) 4.96
Q4 2020 1,250.63 (3.02) (3.02) 4.96
Q1 2021 1,250.63 (1.07) (1.07) 5.48
Q2 2021 1,250.63 0.65 0.65 6.07
Q3 2021 1,250.63 1.32 1.32 6.24
Q4 2021 1,250.63 1.63 1.63 6.64
Q1 2022 1,250.63 1.69 1.69 7.25
Q2 2022 1,250.63 2.22 2.03 8.41
Q3 2022 1,671.00 0.69 0.54 10.13
Q4 2022 1,671.00 (0.67) (0.81) 9.13
Q1 2023 1,671.00 (1.68) (1.82) 8.55
Q2 2023 1,671.00 (3.22) (3.22) 7.84
Q3 2023 1,671.00 (3.06) (2.84) 7.15
Q4 2023 1,671.00 (2.81) (2.59) 6.31

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 21.37 44.92 3.28
Q2 2014 19.67 33.21 3.81
Q3 2014 18.24 28.23 3.96
Q4 2014 31.19 31.19 2.22
Q1 2015 52.78 52.78 2.56
Q2 2015 30.59 30.59 2.41
Q3 2015 More than 100 More than 100 2.01
Q4 2015 NEG NEG 1.72
Q1 2016 NEG NEG 1.50
Q2 2016 NEG NEG 1.62
Q3 2016 NEG NEG 1.43
Q4 2016 More than 100 More than 100 1.64
Q1 2017 NEG NEG 1.85
Q2 2017 More than 100 More than 100 1.59
Q3 2017 16.71 16.71 1.75
Q4 2017 13.53 13.53 1.91
Q1 2018 14.84 14.84 2.78
Q2 2018 17.68 17.68 3.21
Q3 2018 19.32 19.32 2.57
Q4 2018 33.42 33.42 2.12
Q1 2019 37.77 37.77 2.19
Q2 2019 More than 100 More than 100 2.29
Q3 2019 98.10 98.10 2.09
Q4 2019 NEG NEG 2.53
Q1 2020 NEG NEG 1.52
Q2 2020 NEG NEG 2.31
Q3 2020 NEG NEG 2.95
Q4 2020 NEG NEG 2.61
Q1 2021 NEG NEG 2.88
Q2 2021 33.67 33.67 3.63
Q3 2021 19.89 19.89 4.20
Q4 2021 11.90 11.90 2.92
Q1 2022 15.66 15.66 3.65
Q2 2022 10.26 11.21 2.71
Q3 2022 20.02 25.23 1.35
Q4 2022 NEG NEG 1.17
Q1 2023 NEG NEG 1.18
Q2 2023 NEG NEG 1.47
Q3 2023 NEG NEG 1.52
Q4 2023 NEG NEG 1.64

Business Segments (Million)

Compared With The
Period Refined products Petrochemical products
Q1 2014 11,728.13 2,507.37
Q2 2014 11,627.12 2,413.36
Q3 2014 12,239.59 2,574.78
Q4 2014 8,501.53 2,644.88
Q1 2015 5,808.61 1,839.40
Q2 2015 6,508.04 1,987.50
Q3 2015 5,337.85 1,336.75
Q4 2015 1,846.11 849.60
Q1 2016 3,949.86 997.40
Q2 2016 4,609.96 1,725.79
Q3 2016 5,036.36 1,339.26
Q4 2016 5,827.73 1,659.77
Q1 2017 5,288.48 1,413.75
Q2 2017 6,781.72 2,062.09
Q3 2017 6,986.55 2,154.77
Q4 2017 7,180.40 2,343.26
Q1 2018 7,525.00 2,331.35
Q2 2018 8,067.19 2,675.62
Q3 2018 9,410.60 2,630.65
Q4 2018 6,444.51 1,913.28
Q1 2019 6,512.69 1,915.32
Q2 2019 7,046.58 1,985.04
Q3 2019 6,930.13 1,811.98
Q4 2019 5,387.40 2,472.84
Q1 2020 2,632.33 1,429.31
Q2 2020 1,726.85 979.54
Q3 2020 4,196.94 2,854.78
Q4 2020 4,657.58 3,392.88
Q1 2021 6,339.68 3,795.84
Q2 2021 6,401.95 4,707.33
Q3 2021 6,925.36 4,351.62
Q4 2021 8,258.98 4,857.30
Q1 2022 10,164.99 4,236.63
Q2 2022 13,303.70 4,796.32
Q3 2022 8,653.58 3,991.28
Q4 2022 8,453.80 2,352.19
Q1 2023 8,710.13 2,270.37
Q2 2023 7,141.51 3,540.30
Q3 2023 9,309.08 3,338.37
Q4 2023 7,092.87 3,201.37


Financial Ratios
Current
Market Cap (M Riyal) 11,128.86
Enterprise Value (EV) (M) 41,923.89
Shares Outstanding ((M)) 1,671.00
EPS ( Riyal) (TTM) (3.05)
Book Value (BV) ( Riyal) 5.50
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.21
Return on Average Assets (%) (TTM) (7.97 )
Return on Average Equity (%) (TTM) (43.39 )
more

Share Price

Rabigh Refining and Petrochemical Co.
6.68
(0.02) (0.30 %)

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

More

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.