| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 35,008 | 38,662 | -9.45 | ||
| Gross Profit (Loss) | -1,755 | -1,672 | 4.96 | ||
| Operational Profit (Loss) | -2,459 | -2,571 | -4.36 | ||
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -3,899 | -4,545 | -14.21 | ||
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -3,902 | -4,544 | -14.13 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 13,030 | 9,803 | 32.92 | ||
| Profit (Loss) per Share | -2.33 | -2.72 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 9,191 | 41.83 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The decrease in sales for the current year compared to the previous year is mainly due to lower average selling prices of the refined and petrochemical products. Despite a slight increase in sales volumes of refined products, the average selling prices were lower compared to 2024. Petrochemical products were impacted by both lower prices and reduced volumes due to challenging market conditions during the year. In addition, the Petro Rabigh Complex underwent a full shutdown of all operational facilities and production units for approximately 60 days to carry out comprehensive, scheduled periodic maintenance. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The decrease in net loss for the current year compared to the previous year is mainly driven by lower financial charges, following the Founding Shareholders waiver of the Revolving Shareholder Loan amounting to SAR 5,625 million, the early prepayment of a SAR 5,263.6 million of the second phase senior debt and the Equity Bridge Loan using the proceeds from the issuance of the new Class B ordinary shares. Additionally, the decline in benchmark interest rates and improved refined product margins during the year also contributed to the decrease in net loss for the year. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Not Applicable |
| Reclassification of Comparison Items | In prior years, certain expenses which include shipping, handling, insurance, customs and storage charges, are charged back to the Company by its marketers, were presented within selling and marketing expenses. During the current year, the Company has reassessed the presentation of such expenses and have now been presented net against revenue to comply with the requirements of IFRS 15 - Revenue from contracts with customers. This change to previously reported comparative figures had no impact on the net loss and accumulated losses as of December 31, 2025. |
| Additional Information | (i) Accumulated Losses: As of December 31, 2025, the Company’s accumulated losses amounted to Saudi Riyals 9,191 million, representing 41.83% of the Company’s share capital of Saudi Riyals 21,974 million (“Share Capital”). The primary causes of these losses are unfavorable market conditions leading to lower margins on both refined and petrochemical products, higher finance costs due to prolonged higher interest rates, the unplanned shutdown of the high olefins fluid catalytic cracker (HOFCC) and ethane cracker units during 2024 for necessary repairs and maintenance and the full shutdown of the production complex for 60 days during the current year to conduct comprehensive, scheduled periodic maintenance. Additionally, the increased cost of feedstock, including ethane, fuel oil, and sales gas during 2024 and 2025 and the increase in freight costs due to shipping disruptions in the Red Sea. Measures Taken to Decrease Accumulated Losses percentage to Company’s share capital: During 2024 and 2025, Saudi Aramco Oil Company (“Saudi Aramco”) and Sumitomo Chemical Co., Ltd. (SCC) (together the “founding shareholders”), implemented a series of measures to strengthen the Company’s financial position and support its turnaround strategy. These measures included the waiver of the revolving shareholder loans amounting to SAR 5,625 million, recognized in 2024 and 2025, which was adjusted against a portion of the accumulated losses. In addition, both founding shareholders injected SAR 5,263.6 million through a capital increase approved by the Extraordinary General Assembly, resulting in the issuance of 526.36 million Class B ordinary shares (refer to the announcements related to the capital increase by Petro Rabigh which includes but not limited to the announcements on August 31, 2025 (08/03/1447H) and September 30, 2025 (08/04/1447H)). The Company received the proceeds of this share capital increase in October 2025 and used the funds to prepay a portion of its outstanding debts in amount of SAR 5,263.6 million. Furthermore, on August 29, 2025, the Company’s board has issued its recommendation to decrease the capital from SAR 21,973.65 million to SAR 16,709.99 million through reducing the nominal value of each Class A ordinary share from ten Saudi Riyals (SAR 10) to six Saudi Riyals and eighty-five Halalas (SAR 6.85) without cancelling any shares, to write off SAR 5,263.65 million of the accumulated losses. On February 12, 2026 (Corresponding to 24/08/1447H), CMA approved the Company’s application regarding capital reduction. Currently the Company is in the process of completing the remaining regulatory formalities, after which it will convene the shareholders’ Extraordinary General Assembly meeting on March 29, 2026 (corresponding to 10/10/1447H) to vote on this proposed capital decrease. The Procedures and Instructions issued by the Capital Market Authority related to listed companies with accumulated losses reaching 20% or more of their share capital will continue to apply to the Company. |
