Saudi: Petro Rabigh’s loss deepens 321% YoY in 2023

Reuters Images/Ahmed Yosri

Revenues declined by 20.28% YoY

Staff Writer, Mubasher

March 25, 2024

PHOTO

Riyadh – The net loss of Rabigh Refining and Petrochemical Company (Petro Rabigh) surged 320.90% year-on-year (YoY) to SAR 4.69 billion in 2023 from SAR 1.11 billion.

Revenues declined by 20.28% YoY to SAR 44.60 billion last year from SAR 55.95 billion, according to the annual financial results.

The loss per share rose to SAR 2.81 in 2023 from SAR 0.79 in 2022.

It is worth noting that Petro Rabigh's accumulated losses totalled SAR 6.40 billion on 31 December 2023, equivalent to 38.34% of the capital.

Petro Rabigh turned to net losses worth SAR 3.30 billion In the first nine months (9M) of 2023, against net profits of SAR 696 million in 9M-22.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.