On 2026-07-27 08:04:51 (Saudi Time), Rabigh Refining and Petrochemical Co. (Petro Rabigh) announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

For the first half of 2026, sales/revenue surged 132.286% YoY to SAR 35,217 million from SAR 15,161 million in the same period of 2025, primarily driven by higher sales volumes and improved selling prices across both refined and petrochemical products, supported by favorable market conditions and supply-demand imbalances across global markets, while the prior-year period was significantly weighed down by a comprehensive ~60-day scheduled periodic maintenance across all operational facilities that curtailed production and sales volumes. Net profit swung to SAR 4,127 million from a net loss of SAR 2,057 million in H1 2025, driven by higher plant utilization, increased sales volumes, and improved refined product margins, further aided by lower finance costs resulting from the early settlement of certain long-term borrowings and lower benchmark interest rates.

Quarter-on-Quarter Performance Drivers

QoQ revenue rose 37.151% to SAR 20,367 million in Q2 2026 from SAR 14,850 million in Q1 2026, primarily driven by improved selling prices across refined and petrochemical products, supported by favorable market conditions and supply-demand imbalances across global markets. Net profit increased 81.514% to SAR 2,661 million from SAR 1,466 million in the prior quarter, mainly attributable to higher refined and petrochemical product margins resulting from stronger product prices amid favorable market dynamics.

Other Items

The external auditor issued an unmodified conclusion on the interim financial results for the six months ended June 30, 2026. No material risks, going concern uncertainties, or debt covenant breaches were flagged, and the auditor's report contained no other matter, reservation, notice, disclaimer of opinion, or adverse opinion paragraphs. Total shareholders' equity (after deducting minority equity) stood at SAR 17,150 million as of the current period, compared to SAR 9,622 million in the same period of the prior year, representing a 78.237% increase. Earnings per share for the current period were SAR 2.47, compared to a loss per share of SAR 1.23 in the same period of 2025. No accumulated losses were reported in the current period. The company also disclosed a reclassification of comparative figures: certain expenses including shipping, handling, insurance, customs, and storage charges previously presented within selling and marketing expenses have been reclassified and presented net against revenue to comply with IFRS 15; this reclassification had no impact on the net loss for the three-month and six-month periods ended June 30, 2025, or on accumulated losses.

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