Saudi Petro Rabigh’s Q2 net loss narrows
by ChemOrbis Editorial Team - content@chemorbis.com
Saudi Arabia’s Rabigh Refining and Petrochemical Company (Petro Rabigh) reported a SAR 1.1 billion ($293 million) loss in Q2 2024, compared to a SAR 1.19 billion ($317 million) loss in the same period last year and SAR 1.36 billion ($363 million) in Q1 2024.
The loss was primarily due to lower sales volumes and decreased selling and marketing costs of petrochemical products, partially offset by lower product margins on both refined and petrochemical products.
The company’s revenues were SAR 10 billion ($2.67 billion) for the second quarter, lower than SAR 10.6 billion ($2.83 billion) in the same period last year but higher than SAR 7 billion ($1.87 billion) in the previous quarter.
In August, it was announced that Saudi Aramco entered into a definitive agreement to purchase an additional 22.5% stake in Rabigh Refining and Petrochemical Co. (Petro Rabigh) from Sumitomo Chemical for $702 million, becoming the majority stakeholder in the company with a 60% ownership.
The loss was primarily due to lower sales volumes and decreased selling and marketing costs of petrochemical products, partially offset by lower product margins on both refined and petrochemical products.
The company’s revenues were SAR 10 billion ($2.67 billion) for the second quarter, lower than SAR 10.6 billion ($2.83 billion) in the same period last year but higher than SAR 7 billion ($1.87 billion) in the previous quarter.
In August, it was announced that Saudi Aramco entered into a definitive agreement to purchase an additional 22.5% stake in Rabigh Refining and Petrochemical Co. (Petro Rabigh) from Sumitomo Chemical for $702 million, becoming the majority stakeholder in the company with a 60% ownership.
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