Latest news with #PetroRabigh
Argaam
03-07-2025
- Business
- Argaam
Petro Rabigh completes HOFCC maintenance, resumes operations
Rabigh Refining and Petrochemical Co. (Petro Rabigh) completed, on July 3, the periodic maintenance and the resumption of operations at the high olefins fluid catalytic cracker (HOFCC) unit. Additional time was needed to complete comprehensive periodic maintenance work on the unit and restarting it, the company said in a statement to Tadawul. The financial impact of this suspension of comprehensive and scheduled periodic maintenance work on all operating facilities and production units at the company's complex cannot be accurately estimated at the present time and will be reflected in the financial results for the second quarter of 2025, the statement added. Petro Rabigh announced in June it completed the periodic maintenance and the resumption of operations of the facilities and production units, with the exception of HOFCC, which requires additional time to complete the comprehensive periodic maintenance and resume operations, Argaam reported.
Argaam
16-06-2025
- Business
- Argaam
Petro Rabigh completes periodic maintenance, resumes operations
Rabigh Refining and Petrochemical Co. (Petro Rabigh) completed, on June 15, the periodic maintenance and the resumption of operations of the facilities and production units. This was with the exception of the high olefins fluid catalytic cracker (HOFCC), which requires additional time to complete the comprehensive periodic maintenance and resume operations. In a statement to Tadawul, the company said that the financial impact of this shutdown will appear in the financial results for Q2 2025. However, the company noted that this financial impact cannot be accurately estimated at this stage, as it is contingent on the completion of HOFCC's maintenance and resumption of operations. In April, the company announced plans to carry out comprehensive and scheduled periodic maintenance for all operational facilities and production units at the company's complex. It added that the maintenance would last 60 days from April 15, requiring a complete shutdown of these units, Argaam reported.
Asharq Al-Awsat
24-05-2025
- Business
- Asharq Al-Awsat
Saudi Energy Firms Post $26 Billion in Q1 Profits
Saudi Arabia's listed energy companies recorded a combined net profit of SAR 97.76 billion ($26.06 billion) in the first quarter of 2025, marking a 4% decline from the SAR 101.78 billion ($27.14 billion) reported during the same period last year. The dip was primarily driven by a 4.63% drop in profits from industry giant Saudi Aramco. Despite the overall decrease, the sector's performance was supported by increased sales volumes across gas, refined and petrochemical products, and integrated logistics services. Higher profit margins were also achieved due to relatively stable operations, improved global shipping rates, and lower financing costs. The sector includes seven publicly listed companies: Saudi Aramco, Bahri, ADES, Aldrees, Arabian Drilling, Al-Masafi, and Petro Rabigh. According to financial disclosures on the Saudi Stock Exchange (Tadawul), all companies in the sector posted profits in Q1 2025, with the exception of Petro Rabigh, which significantly reduced its losses by 49.4%. Saudi Aramco led the sector with SAR 97.54 billion in profits, despite a slight year-on-year drop from SAR 102.27 billion. Bahri followed, reporting a 17.64% increase in profits to SAR 532.82 million, up from SAR 453 million in Q1 2024. ADES secured third place with SAR 196.7 million in net profits, reflecting a modest 2.07% decrease from the SAR 200.85 million reported in the same quarter last year. Aldrees posted the highest growth rate in the sector, with profits soaring by 29.3% to SAR 100.1 million, compared to SAR 77.4 million in Q1 2024. Commenting on the quarterly results, Dr. Suleiman Al-Humaid Al-Khalidi, a financial analyst and member of the Saudi Economic Association, told Asharq Al-Awsat that the energy sector remains highly profitable, with over SAR 97 billion in earnings underscoring its strength and vital role in the Saudi economy. He attributed Aramco's decline to lower global oil prices, reduced production in line with OPEC+ recommendations, and increased operating and capital expenditures. Mohamed Hamdy Omar, CEO of echoed this view, describing Aramco as the sector's 'primary engine.' He noted that falling global oil prices, due to weakened Chinese demand, rising trade tensions, and adjustments in OPEC+ production, negatively impacted revenues across the sector. He also pointed to rising operating costs as a pressure on profit margins, despite ongoing efforts to boost operational efficiency.
Zawya
13-05-2025
- Business
- Zawya
Petro Rabigh incurs $184.26mln losses in Q1-25; revenues hike 44%
Riyadh – Rabigh Refining and Petrochemical Company (Petro Rabigh) reported an annual plunge of 49.37% in net loss to SAR 691 million during the first quarter (Q1) of 2025, compared to SAR 1.36 billion. The company's revenues increased by 43.95% to SAR 11.49 billion in Q1-25 from SAR 7.98 billion a year earlier, according to the financial results. Loss per share reached SAR 0.41 as of 31 March 2025, down from SAR 0.82 in Q1-24. Quarterly, the Q1-25 revenues edged up by 0.84% from SAR 11.39 billion in the three-month period that ended on 31 December 2024, while the net losses fell by 11.41% from SAR 780 million. Accumulated Losses The group incurred accumulated losses valued at SAR 5.96 billion as of 31 March 2025, equivalent to 35.72% of the capital. Petro Rabigh suffered 3.15% YoY lower net losses at SAR 4.54 billion in 2024, compared to SAR 4.69 billion. Source: Mubasher
Zawya
19-03-2025
- Business
- Zawya
Petro Rabigh suffers lower losses at $1.2bln in 2024
Riyadh – Rabigh Refining and Petrochemical Company (Petro Rabigh) incurred net losses worth SAR 4.54 billion in 2024, an annual decline of 3.15% from SAR 4.69 billion. Revenues plummeted by 11.78% year-on-year (YoY) to SAR 39.34 billion at the end of December 2024 from SAR 44.60 billion, according to the financial results. Meanwhile, the loss per share fell to SAR 2.72 last year from SAR 2.81 in 2023. Accumulated Losses The accumulated losses hit SAR 7.15 billion as of 31 December 2024, accounting for 42.81% of the capital. Petro Rabigh cut its accumulated losses to 36.16% of the share capital as of 31 August 2024. Source: Mubasher All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. ( Mubasher
