Saudi Petro Rabigh 2020 net loss widens on complex shutdown, pandemic

SINGAPORE (ICIS)–Rabigh Refining and Petrochemical Co’s (Petro Rabigh) net loss widened to Saudi Riyal (SR) 3.78bn ($1bn) in 2020 due to a planned 60-day shutdown and inspection of its production complex, the Saudi Arabia-based producer said.

Saudi riyal (SR) million	2020	2019	% change
Sales	21,870	34,062	-36%
Operational profit	-2,436	439
Net profit	-3,781	-544

“In addition, market conditions have been challenging due to prevailing economic uncertainties,” the company said in a filing on the Saudi bourse Tadawul late on Thursday.

“This has been made worse by the ongoing corona pandemic, putting further downward pressure on prices,” it said.

The company shut down its operations as well as production units for 60-day regular maintenance in March last year, the company said.

Petro Rabigh’s full-year results included for the first time contributions from its Phase II expansion project which commenced commercial operations from October 2019.

The company’s product margins improved in the fourth quarter of last year “in view of better market conditions”.

Efforts to maintain stable operations and optimise operational costs have also led to “positive financial results for the last quarter of financial year 2020 compared to previous year”.

($1 = SR3.75)

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