Riyadh – Mubasher: Rabigh Refining and Petrochemical Company (Petro Rabigh) reported accumulated losses valued at SAR 3.53 billion, according to the unaudited financial results for May 2023.
The accumulated losses represent 21.17% of the SAR 16.71 billion capital, higher than SAR 2.66 billion as of 31 March 2023.
It is worth highlighting that the incurred losses were mainly driven by depressed margins for both refined and petrochemical products.
They were also attributed to the shutdown for the scheduled turnaround of Phase II units of the Petro Rabigh complex as well as the Ethane cracker unit due to necessary maintenance activities to enhance the plant’s reliability.
Furthermore, the period that ended 31 May 2023 witnessed a sharp hike in interest rates, which resulted in higher financial costs.
During the first quarter (Q1) of 2023, Petro Rabigh turned to net losses after Zakat and tax worth SAR 964 million, compared with net profits amounting to SAR 725 million in the year-ago period
