Rabigh Refining and Petrochemical Co. announces Interim Financial Results ending on 2021-09-30 ( nine months )

A2380 PETRO RABIGH-0.6 (-1.77 %)
1443/03/20 Tue Oct 26, 2021 15:27:19

Rabigh Refining and Petrochemical Co. announces Interim Financial Results ending on 2021-09-30 ( nine months )

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	11,277	7,052	59.912	11,109	1.512
Gross Profit (Loss)	935	133	603.007	1,367	-31.602
Operational Profit (Loss)	492	-288	-	1,014	-51.479
Net Profit (Loss) after Zakat and Tax	221	-610	-	717	-69.177
Total Comprehensive Income	221	-610	-	717	-69.177
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	32,522	13,820	135.325
Gross Profit (Loss)	3,589	-1,705	-
Operational Profit (Loss)	2,452	-2,765	-
Net Profit (Loss) after Zakat and Tax	1,588	-3,842	-
Total Comprehensive Income	1,588	-3,842	-
Total Share Holders Equity (after Deducting Minority Equity)	7,802	6,200	25.838
Profit (Loss) per Share	1.81	-4.39
All figures are in (Millions) Saudi Arabia, Riyals

Accumulated Losses	Capital	Percentage %
1,205	8,760	13.76
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The reason for achieving the net profit during the current quarter compared to the net loss of same quarter of last year is due to the fact that the current quarter has witnessed improved product margins, due to improvement in market conditions caused by the gradual recovery of the global economy from the impact of Corona pandemic. Additionally, plant operations have been relatively stable for current quarter, compared to the same quarter of last year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The reason for the decrease in the net profit during the current quarter compared to the previous quarter of current year is due to delayed shipment of some products (to October) and lower operation rate in some units of petrochemical plants as a result of unscheduled maintenance activities.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The reason for achieving net profit during the current period compared to the same period of the last year is due to the fact that the current period has witnessed improved margins on petrochemicals products, due to improvement in market conditions caused by the gradual recovery of the global economy from the impact of Corona pandemic. Additionally, last period witnessed total planned complex shutdown for periodic Test & Inspection activities for 60 days coupled with lower demand and lower margin on petrochemical products due to the on-going pandemic.
Statement of the type of external auditor's report	Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	Not Applicable
Reclassification of Comparison Items	Not Applicable
Additional Information	The accumulated losses have decreased as at September 30, 2021 according to the unaudited condensed interim financial statements for the period ended September 30, 2021 amounting to Saudi Riyals 1,205 million representing 13.76% compared to the previous quarter ended June 30, 2021 for which accumulated losses were Saudi Riyals 1,422 million representing 16.23% of the Company's share capital of Saudi Riyals 8,760 million. This was due to the positive results for the current quarter of this year

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.