Riyadh – Mubasher: Rabigh Refining and Petrochemical Company (Petro Rabigh) registered a net profit after Zakat and tax worth SAR 696 million in the first nine months (9M) of 2022, lower by 56.17% than SAR 1.58 billion in 9M-21.
Revenues surged by 38.82 year-on-year (YoY) to SAR 45.14 billion in 9M-22, compared to SAR 32.52 billion, according to the interim financial results.
The earnings per share (EPS) settled at SAR 0.53 in January-September 2022, versus SAR 1.38 in 9M-21.
Petro Rabigh incurred accumulated losses worth SAR 31 million, accounting for 0.19% of the SAR 16.71 billion capital, as recorded on 30 September 2022.
During the third quarter (Q3) of 2022, the Saudi company turned to net losses after Zakat and tax worth SAR 1.41 billion, compared to net profits of SAR 221 million in Q3-21.
The revenues stood at SAR 12.64 billion in Q3-22, an annual increase of 12.13% from SAR 11.27 billion.
On a quarterly basis, the firm also shifted to net losses in Q3-22 against profits worth SAR 1.38 billion in Q2-22.
Meanwhile, the Q3-22 revenues plummeted by 30.14% from SAR 18.10 billion in Q2-22.
In the first half (H1) of 2022, Petro Rabigh logged net profits after Zakat and tax worth SAR 2.10 billion, higher by 54.39% than SAR 1.36 billion in H1-21.
