Riyadh, Saudi Arabia — Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a net loss of SAR 3.30 billion ($879 million) for the first nine months of 2023, compared with SAR 696 million in the prior-year period, Argaam reported.
This was mainly due to unfavorable market conditions adversely affecting the margins for both refined and petrochemical products.
In addition, Petro Rabigh complex was partially shut down for scheduled turnaround of its Phase II units starting Dec. 1, 2022, to Jan. 23, 2023, according to Argaam.
The Ethane cracker unit was also shut down from March 1-20, 2023, for necessary maintenance activities to enhance the plant’s reliability.
The company narrowed Q3 2023 loss to SAR 1.14 billion from SAR 1.41 billion a year earlier, mainly due to improved refined products margin and a slight improvement in petrochemical products margin.
On a sequential basis, the company cut Q3 loss from SAR 1.19 billion on improved refined products margin.
Total shareholders’ equity, with no minority interest, reached SAR 11.95 billion as of Sept. 30, 2023, compared with SAR 16.92 billion a year earlier. The accumulated losses reached SAR 5 billion at the end of 9M 2023, representing 29.96% of the company’s capital.