Saudi Petro Rabigh’s accumulated losses amount to 7.7 billion riyals

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Petro Rabigh’s revenues declined by 27.2% to 7.98 billion riyals in the first quarter of this year, compared to 10.9 billion riyals in the same period of the previous year.

The accumulated losses of Rabigh Refining and Petrochemical Company amounted to (Petro Rabigh) Saudi Arabia, about 7.77 billion Saudi riyals, representing 46.51% of the company’s capital, amounting to 16.7 billion Saudi riyals, until March 31, 2024, as the company announced in a disclosure on…“Saudi Tadawul” website today.

The losses of the Saudi Rabigh Refining and Petrochemical Company (Petro Rabigh) increased by about 41.59% to 1.365 billion riyals in the first quarter of this year, compared to losses amounting to 964 million riyals in the same period of the previous year, according to the company’s financial statements announced today, Tuesday, on the Saudi stock market.

The company attributed the increase in net loss to lower sales as a result of the unscheduled shutdown of the high-olefin catalytic fluid cracking unit for necessary repairs and maintenance, in addition to lower profit margins for refined products and higher financing costs as a result of higher interest rates.

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The company’s Board of Directors announced its intention to implement several measures to address the company’s accumulated losses, which include: assessing the financing situation and liquidity to determine the company’s ability to meet its obligations when they fall due, reviewing support for the founders through amendments to payment terms, and providing additional information regarding sales and changes in the type of crude oil. .

The transformation program was evaluated and several initiatives were introduced to improve the company’s profitability. The transformation program began in 2021, with the company implementing 185 initiatives with the aim of reducing the company’s operational costs and increasing revenues. The transformation program is now entering its fourth year, and the Board of Directors has reviewed 40 new initiatives aimed at further reducing operating losses during the year ending December 2024 in addition to the generated and recurring value of 185 previously implemented initiatives.

The company’s revenues declined by 27.2% to 7.98 billion riyals in the first quarter of this year, compared to 10.9 billion riyals in the same period of the previous year.

 

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