Petro Rabigh turns to loss of SAR 964 mln in Q1

Petro Rabigh turns to loss of SAR 964 mln in Q1

10/05/2023 Argaam Exclusive

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Rabigh Refining and Petrochemical Co. (Petro Rabigh) swung to a net loss of SAR 964 million for the first quarter of 2023, against a net profit of SAR 724.8 million in Q1 2022.  



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 14,401.62 10,980.50 (23.8 %)
Gross Income 1,480.26 (127.61) (108.6 %)
Operating Income 1,051.21 (534.63) (150.9 %)
Net Income 724.76 (964.11) (233.0 %)
Average Shares 1,250.63 1,671.00 33.6 %
EPS (Riyals) 0.58 (0.58) (199.6 %)

The company cited unfavorable market conditions weighing on the margins of refined and petrochemical products.

 

In addition, Petro Rabigh’s complex was partially shutdown for scheduled turnaround of Phase II units from Dec. 1, 2022, to Jan. 23, 2023. Further, the ethane cracker unit was shut down from March 1-20, 2023, for necessary maintenance to enhance the plant’s reliability. 

 

Petro Rabigh also attributed losses to a sharp increase in interest rates, which resulted in higher financial costs.

 

Compared to Q4 2022, the first-quarter net losses decreased by 46.8% from SAR 1.81 billion, thanks to improved market conditions, which bolstered the margins of refined products.

 

Total shareholders’ equity, no minority interest, reached SAR 14.29 billion as of March 31, 2023, compared with SAR 9.06 billion a year earlier.

 

Accumulated losses reached SAR 2.66 billion at the end of Q1 2023, representing 15.96% of the company's capital. 

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 14,235.50 39.7 % 672.14 249.5 % 416.31 166.2 %
Q2 2014 14,040.48 (1.1 %) 446.38 6968.4 % 192.36 191.2 %
Q3 2014 14,814.36 18.1 % 558.23 176.4 % 306.15 995.8 %
Q4 2014 11,146.41 (18.5 %) 48.49 (93.2 %) (181.08) (136.3 %)
Q1 2015 7,648.01 (46.3 %) 577.44 (14.1 %) 225.34 (45.9 %)
Q2 2015 8,495.54 (39.5 %) 740.32 65.9 % 493.77 156.7 %
Q3 2015 6,674.60 (54.9 %) (250.09) (144.8 %) (463.33) (251.3 %)
Q4 2015 2,695.71 (75.8 %) (772.34) (1692.7 %) (1015.87) (461.0 %)
Q1 2016 4,947.26 (35.3 %) 221.46 (61.6 %) (9.53) (104.2 %)
Q2 2016 6,335.74 (25.4 %) 400.82 (45.9 %) 115.95 (76.5 %)
Q3 2016 6,375.62 (4.5 %) 25.03 110.0 % (201.43) 56.5 %
Q4 2016 7,487.51 177.8 % 460.12 159.6 % 217.56 121.4 %
Q1 2017 6,702.23 35.5 % 65.14 (70.6 %) (172.65) (1,711.3 %)
Q2 2017 8,843.80 39.6 % 634.67 58.3 % 392.70 238.7 %
Q3 2017 9,141.32 43.4 % 1,101.80 4301.9 % 809.76 502.0 %
Q4 2017 9,523.67 27.2 % 894.42 94.4 % 623.16 186.4 %
Q1 2018 9,856.35 47.1 % 772.06 1085.3 % 377.56 318.7 %
Q2 2018 10,742.81 21.5 % 664.18 4.6 % 297.20 (24.3 %)
Q3 2018 12,041.25 31.7 % 607.50 (44.9 %) 343.71 (57.6 %)
Q4 2018 8,357.79 (12.2 %) 271.31 (69.7 %) (91.05) (114.6 %)
Q1 2019 8,428.02 (14.5 %) 817.68 5.9 % 460.79 22.0 %
Q2 2019 9,031.62 (15.9 %) 290.65 (56.2 %) (55.00) (118.5 %)
Q3 2019 8,742.11 (27.4 %) 870.60 43.3 % 595.98 73.4 %
Q4 2019 7,860.24 (6.0 %) (261.02) (196.2 %) (650.58) (614.5 %)
Q1 2020 4,061.63 (51.8 %) (1385.50) (269.4 %) (1714.55) (472.1 %)
Q2 2020 2,706.39 (70.0 %) (453.08) (255.9 %) (788.61) (1,333.8 %)
Q3 2020 7,051.72 (19.3 %) 133.19 (84.7 %) (303.97) (151.0 %)
Q4 2020 8,050.46 2.4 % 802.78 407.6 % 315.69 148.5 %
Q1 2021 10,135.53 149.5 % 1,286.33 192.8 % 912.88 153.2 %
Q2 2021 11,109.27 310.5 % 1,367.05 401.7 % 989.49 225.5 %
Q3 2021 11,276.98 59.9 % 935.43 602.3 % 467.94 253.9 %
Q4 2021 13,116.29 62.9 % 1,167.68 45.5 % 670.11 112.3 %
Q1 2022 14,401.62 42.1 % 1,480.26 15.1 % 1,051.21 15.2 %
Q2 2022 18,100.01 62.9 % 2,020.58 47.8 % 1,526.98 54.3 %
Q3 2022 12,644.86 12.1 % (771.96) (182.5 %) (1174.26) (350.9 %)
Q4 2022 10,805.99 (17.6 %) (1045.15) (189.5 %) (1492.86) (322.8 %)
Q1 2023 10,980.50 (23.8 %) (127.61) (108.6 %) (534.63) (150.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 413.05 162.8 % 0.33 - 413.05 0.33
Q2 2014 171.98 172.7 % 0.14 - 171.98 0.14
Q3 2014 294.33 1997.6 % 0.24 - 294.33 0.24
Q4 2014 (197.92) (116.0 %) (0.16) - (197.92) (0.16)
Q1 2015 205.43 (50.3 %) 0.16 - 205.43 0.16
Q2 2015 504.92 193.6 % 0.40 - 504.92 0.40
Q3 2015 (460.12) (256.3 %) (0.37) - (460.12) (0.37)
Q4 2015 (1008.73) (409.7 %) (0.81) - (1008.73) (0.81)
Q1 2016 (36.64) (117.8 %) (0.03) - (36.64) (0.03)
Q2 2016 101.00 (80.0 %) 0.08 - 101.00 0.08
Q3 2016 (210.55) 54.2 % (0.17) - (210.55) (0.17)
Q4 2016 180.98 117.9 % 0.14 - 180.98 0.14
Q1 2017 (239.69) (554.2 %) (0.19) - (239.69) (0.19)
Q2 2017 315.66 212.6 % 0.25 - 315.66 0.25
Q3 2017 706.47 435.5 % 0.56 - 706.47 0.56
Q4 2017 640.54 253.9 % 0.51 - 640.54 0.51
Q1 2018 296.15 223.6 % 0.24 - 296.15 0.24
Q2 2018 234.50 (25.7 %) 0.19 - 234.50 0.19
Q3 2018 243.44 (65.5 %) 0.19 - 243.44 0.19
Q4 2018 (105.53) (116.5 %) (0.08) - (105.53) (0.08)
Q1 2019 256.84 (13.3 %) 0.21 - 256.84 0.21
Q2 2019 (308.45) (231.5 %) (0.25) - (308.45) (0.25)
Q3 2019 394.17 61.9 % 0.32 - 394.17 0.32
Q4 2019 (886.71) (740.3 %) (0.71) - (886.71) (0.71)
Q1 2020 (1796.83) (799.6 %) (1.44) - (1796.83) (1.44)
Q2 2020 (1435.09) (365.3 %) (1.15) - (1435.09) (1.15)
Q3 2020 (609.80) (254.7 %) (0.49) - (609.80) (0.49)
Q4 2020 60.61 106.8 % 0.05 - 60.61 0.05
Q1 2021 649.37 136.1 % 0.52 - 649.37 0.52
Q2 2021 716.94 150.0 % 0.57 - 716.94 0.57
Q3 2021 221.45 136.3 % 0.18 - 221.45 0.18
Q4 2021 448.90 640.6 % 0.36 - 448.90 0.36
Q1 2022 724.76 11.6 % 0.58 - 724.76 0.58
Q2 2022 1,384.73 93.1 % 1.11 236.25 1,148.48 0.92
Q3 2022 (1413.45) (738.3 %) (0.85) - (1413.45) (0.85)
Q4 2022 (1810.92) (503.4 %) (1.08) - (1810.92) (1.08)
Q1 2023 (964.11) (233.0 %) (0.58) - (964.11) (0.58)

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 %)


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

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

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

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average (294.00) (964.11) (227.9 %)

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
U-Capital (294.00) (964.11) (227.9) %


Financial Ratios
Current
Market Cap (M Riyal) 14,153.37
Enterprise Value (EV) (M) 42,437.95
Shares Outstanding ((M)) 1,671.00
EPS ( Riyal) (TTM) (3.08)
Book Value (BV) ( Riyal) 6.33
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.34
Return on Average Assets (%) (TTM) (8.04 )
Return on Average Equity (%) (TTM) (45.74 )
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Share Price

Rabigh Refining and Petrochemical Co.
8.47
0.07 0.83 %

Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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