| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 9,195 | 9,772 | -5.904 | 3,947 | 132.961 |
| Gross Profit (Loss) | -727 | -636 | 14.308 | -1,025 | -29.073 |
| Operational Profit (Loss) | -909 | -886 | 2.595 | -1,104 | -17.663 |
| Net profit (Loss) | -1,236 | -1,300 | -4.923 | -1,366 | -9.516 |
| Total Comprehensive Income | -1,236 | -1,300 | -4.923 | -1,366 | -9.516 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 24,356 | 27,470 | -11.336 |
| Gross Profit (Loss) | -1,813 | -1,586 | 14.312 |
| Operational Profit (Loss) | -2,328 | -2,246 | 3.65 |
| Net profit (Loss) | -3,292 | -3,765 | -12.563 |
| Total Comprehensive Income | -3,292 | -3,765 | -12.563 |
| Total Shareholders Equity (after Deducting Minority Equity) | 8,386 | 10,581 | -20.744 |
| Profit (Loss) per Share | -1.97 | -2.25 | |
| 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 | 8,571 | 51.29 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The reason for the decrease in sales during the current quarter as compared to the same quarter of last year is primarily due to lower prices and reduced volumes of petrochemical products, driven by challenging market conditions. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The decrease in net loss in the current quarter as compared to the same quarter of last year is due to lower financial charges, resulting from lower benchmark interest rate in the current quarter which contributed to reduction in financial charges and consequently, a decrease in net loss. The above decrease in the net loss for the quarter was partially offset by the lower margin and reduced volumes of petrochemical products driven by challenging market conditions. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The reason for the increase in sales during the current quarter as compared to the previous quarter is primarily due to resumption of regular complex operation after the full 60 days shutdown for all operational facilities and production units at the Company’s complex in the previous quarter which was undertaken to carry out comprehensive and scheduled periodic maintenance. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The decrease in net loss in the current quarter as compared to the previous quarter is primarily due to resumption of regular complex operation after the full 60 days shutdown for all operational facilities and production units at the Company’s complex in the previous quarter, which was undertaken to carry out comprehensive and scheduled periodic maintenance. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The decrease in sales during the current period compared to the same period of the previous year is primarily attributable to the full 60 days shutdown for all operational facilities and production units at the Company’s complex in the current period which was undertaken to carry out comprehensive and scheduled periodic maintenance. Additionally the lower sales volumes of the petrochemical products due to challenging market conditions. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The decrease in net loss in the current period as compared to the same period of last year is due to lower financial charges, resulting from the waiver of the Revolving Shareholder Loan and a lower benchmark interest rate in the current period. These factors contributed to a reduction in financial charges and consequently, a decrease in net loss during the current period. This improvement was partially offset by the lower margin and reduced volumes of certain petrochemical products, driven by challenging market conditions, as well as the full 60-day shutdown of all operational facilities and production units at the Company’s complex during current period to conduct a comprehensive scheduled periodic maintenance. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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 | During the current period, the Company has reassessed the presentation of certain expenses which include shipping, handling, insurance, customs and storage charges which are charged back to the Company by its marketers. These expenses were previously being presented within selling and marketing 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. |
| Additional Information | (i) Accumulated Losses As of September 30, 2025, the Company’s accumulated losses amounted to Saudi Riyals 8,571 million, representing 51.29% of the Company’s share capital of Saudi Riyals 16,710 million (“Share Capital”). Date of Realization of Loss: 30 September 2025G corresponding to (08/04/ 1447H). Date of Notifying the Board of Directors with the Accumulated Loss: November 10, 2025G corresponding to (19/05/1447H). Major reasons leading to the Accumulated Losses The primary causes of these losses include unfavorable market conditions leading to lower margins on both refined and petrochemical products, higher finance costs due to prolonged higher interest rates, the full shutdown of the production complex for 60 days during the current period to conduct comprehensive, scheduled periodic maintenance, , unplanned shutdowns of the high olefins fluid catalytic cracker (HOFCC) and ethane cracker units for necessary repairs and maintenance. Additionally and the increased cost of feedstocks, including ethane, fuel oil, and sales gas during 2024 and 2025 and the increase in freight cost due to shipping disruptions in the Red Sea. (ii) The decrease in accumulated losses to 39.94% of share capital due to the issuance of New Ordinary Class B shares on October 21 2025 (corresponding to 29/04/1447H) to Saudi Aramco and Sumitomo Chemical Company (together ‘founding shareholders’) With reference to this announcement regarding Petro Rabigh’s financial results for the nine-months period ended on September 30, 2025, and its accumulated losses reaching 51.29% of Share Capital as of September 30, 2025, Petro Rabigh would like to announce the decrease in its accumulated losses from 51.29% of Share Capital as at September 30, 2025, to 39.94% of Share Capital as at October 31, 2025 (09/05/1447H). Date of accumulated losses decrease: October 31, 2025 (09/05/1447H). Amount of accumulated losses: SAR 8,777 million. Percentage of the Accumulated Losses out of the Capital: 39.94% of Share Capital Measures Taken to Decrease Accumulated Losses: Increase in share capital of the Company by SAR 5,263.6 million through issuance of 526.36 million ordinary Class B shares to the founding shareholders in equal proportion (refer to the announcements by Petro Rabigh on August 31, 2025 (08/03/1447H) and September 30, 2025 (08/04/1447H). Auditor's Report showing the Financial Position of the Company after the Decrease of the Accumulated Losses: Attached. With reference to the attached Auditor’s Report, Petro Rabigh has increased its share capital by SAR 5,263.6 million through issuance of 526.36 million ordinary Class B shares to founding shareholders in equal proportion. The total share capital of Petro Rabigh is now SAR 21,973.6 million as of October 31, 2025, and the accumulated losses amount to SAR 8,777 million as of the same date representing 39.94% of the Company’s share capital. Given that the share capital increase has caused the Company’s accumulated losses to be reduced to below 50% of Share Capital, Article 132 of the Companies Law and the Procedures and Instructions issued by the Capital Market Authority related to listed companies with accumulated losses reaching 50% or more of their share capital will no longer apply to the Company. However, the Company notes that 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. The share capital increase further demonstrates the ongoing support by the Founding Shareholders to improve Petro Rabigh’s financial position and facilitate its turnaround strategy. (iii) Revision of the estimated useful lives of property, plant and equipment The Company has revised the estimated useful lives of property, plant and equipment effective from July 1, 2025 (corresponding to 06/01/1447), based on an independent technical assessment, advice from the Company’s technical teams and comparable market practices. The impact of revision in estimated useful lives of property, plant and equipment is disclosed in Note 2.2 to the condensed interim financial statements for the period ended September 30, 2025. |
| Attached Documents | Attached Documents |
