Petro Rabigh deepens 9M 2024 net loss to SAR 3.77B; Q3 at SAR 1.3B

10/11/2024 Argaam Exclusive

Rabigh Refining and Petrochemical Co.’s (Petro Rabigh) net losses deepened in the first nine months of 2024 to SAR 3.77 billion, compared to SAR 3.31 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 34,309.76 27,952.00 (18.5 %)
Gross Income (19.67) (1103.00) (5,508.9 %)
Operating Income (1816.00) (2246.00) (23.7 %)
Net Income (3305.24) (3765.00) (13.9 %)
Average Shares 1,671.00 1,671.00 -
EPS (Riyals) (1.98) (2.25) (13.9 %)

The wider losses were attributed to lower sales volumes of refined and petrochemical products, pressured by challenging market conditions and declining prices. This is besides the unscheduled shutdown of the High Olefins Fluid Catalytic Cracking (HOFCC) unit in Q1 2024 for repairs and maintenance, which further squeezed sales.

 

Additionally, margins on refined and petrochemical products weakened year-on-year (YoY), while costs rose for ethane, diesel fuel, and sales gas starting January 2024, given the soaring freight costs due to disruptions in Red Sea shipping routes. The nine-month period also saw a YoY rise in financing costs (FCs) amid higher interest rates.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 12,647.46 9,957.00 (21.3 %)
Gross Income 309.97 (451.00) (245.5 %)
Operating Income (594.00) (886.00) (49.2 %)
Net Income (1145.08) (1300.00) (13.5 %)
Average Shares 1,671.00 1,671.00 -
EPS (Riyals) (0.69) (0.78) (13.5 %)

In Q3 2024, net losses deepened by 13.5% YoY to SAR 1.3 billion, from SAR 1.14 billion in Q3 2023. This was due to lower sales on reduced sales volumes and prices of refined products amid tough market conditions and price declines.

 

Weaker profit margins on refined and petrochemical products, rising costs for ethane, diesel fuel, and sales gas from January 2024, alongside the elevated freight costs on the ongoing Red Sea disruptions, also impacted the third-quarter performance. However, FCs fell in Q3 2024 due to a partial waiver of shareholder loan facilities during the three-month period.

 

On a quarterly basis, losses widened from SAR 1.1 billion in Q2 2024 as revenues also tumbled quarter-on-quarter (QoQ) on lower sales amid declining refined product prices and weaker product margins. This was partly offset by reduced FCs, driven by a partial waiver of shareholder loan facilities.

 

Total shareholders’ equity, no minority interest, stood at SAR 10.58 billion by Sept. 30, 2024, compared to SAR 11.95 billion in the prior-year period.

 

By the end of the nine-month period, accumulated losses amounted to SAR 6.38 billion, representing 38.16% of capital.

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Share Price

Rabigh Refining and Petrochemical Co.
8.16
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Rabigh Refining and Petrochemical Co. (PETRO RABIGH)

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Financial Ratios
Current
Market Cap (M Riyal) 13,635.36
Enterprise Value (EV) (M) 41,919.94
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 1.29
Return on Average Assets (%) (TTM) (8.04 )
Return on Average Equity (%) (TTM) (45.74 )
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q2 2023 10,681.80 (41.0 %) (202.03) (110.0 %) (717.69) (147.0 %)
Q3 2023 12,647.46 0.0 % 309.97 140.2 % (594.00) 49.4 %
Q4 2023 10,294.23 (4.7 %) (558.83) 46.5 % (822.98) 44.9 %
Q1 2024 7,983.99 (27.3 %) (505.02) (295.8 %) (867.66) (62.3 %)
Q2 2024 10,010.92 (6.3 %) (147.40) 27.0 % (530.00) 26.2 %
Q3 2024 9,957.00 (21.3 %) (451.00) (245.5 %) (886.00) (49.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q2 2023 (1196.05) (186.4 %) (0.72) - (1196.05) (0.72)
Q3 2023 (1145.08) 19.0 % (0.69) (365.70) (779.38) (0.47)
Q4 2023 (1387.49) 23.4 % (0.83) - (1387.49) (0.83)
Q1 2024 (1365.01) (41.6 %) (0.82) - (1365.01) (0.82)
Q2 2024 (1100.00) 8.0 % (0.66) - (1100.00) (0.66)
Q3 2024 (1300.00) (13.5 %) (0.78) - (1300.00) (0.78)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %) (0.35 %) (10.53 %)
Q4 2023 (1.30 %) 1.24 % (9.70 %)
Q1 2024 (2.30 %) 0.56 % (11.36 %)
Q2 2024 (2.20 %) 0.99 % (11.31 %)
Q3 2024 (4.35 %) - (13.47 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2024 1,671.00 (3.05) (2.83) 5.50
Q2 2024 1,671.00 (2.99) (2.77) 4.84
Q3 2024 1,671.00 (3.08) (3.08) 6.33

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 NEG NEG 1.37
Q2 2024 NEG NEG 1.38
Q3 2024 NEG NEG 1.30

Business Segments (Million)

Compared With The
Period Refined products Petrochemical products
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
Q1 2024 5,766.51 2,217.48
Q2 2024 7,281.05 2,729.87
Q3 2024 6,765.79 3,191.32

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