On 2026-04-26 08:14:58 (Saudi Time), Rabigh Refining and Petrochemical Co. announced its Interim financial results for the three months ended on March 31, 2026.

Year-on-Year Performance Drivers

Sales increased 32.423% YoY to SAR 14,850 million, driven by higher sales volumes across both refined and petrochemical products and significantly improved refined product prices during the latter part of the quarter due to market volatility and tighter supply-demand balances. Net profit reached SAR 1,466 million compared to a net loss of SAR 691 million in the prior year, primarily due to improved product margins from stronger pricing and higher sales volumes. The turnaround was further supported by improved plant reliability enabling higher production volumes and reduced financial charges from debt repayments and declining benchmark interest rates.

Quarter-on-Quarter Performance Drivers

QoQ revenue increased 39.41% to 14,850 million SAR due to higher sales volumes across both refined and petrochemical products, with refined product prices significantly improving during the latter part of the quarter driven by market volatility and tighter supply-demand balances. Net profit turned positive at 1,466 million SAR compared to a loss of 607 million SAR in the previous quarter, primarily attributable to improved product margins from stronger refined product pricing and higher sales volumes. This performance was further supported by improved plant reliability enabling higher sales volumes across the Company's integrated refining and petrochemical operations, with the Rabigh complex operating without disruption during the period.

Other Items

The auditors issued an unmodified conclusion with no additional comments or qualifications. Accumulated losses decreased significantly to SAR 2,469 million (14.77% of capital) from SAR 9,191 million (41.83% of capital) as of December 31, 2025, primarily due to a capital reduction from SAR 21,974 million to SAR 16,710 million approved by shareholders on March 29, 2026, which wrote off SAR 5,263.65 million against accumulated losses by reducing the nominal value of Class A shares from SAR 10 to SAR 6.85 per share. Total shareholders equity increased 31.864% to SAR 14,488 million, with earnings per share improving to SAR 0.88 from a loss of SAR 0.41 in the prior year period.

Original announcement:

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