Latest news with #PetroRabigh
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
Trade Arabia
08-03-2025
- Business
- Trade Arabia
Petro Rabigh seals partnership with Indian group Rossari
Rabigh Refining & Petrochemical Company (Petro Rabigh), a joint venture between Saudi oil giant Aramco and Sumitomo Chemical, has entered into an agreement with India-based Rossari International for the development of propoxylates and ethoxylates manufacturing in Rabigh, Saudi Arabia. Headquartered in Mumbai, Rossari International Limited is a major chemical manufacturing company engaged in the production of specialty enzymes and chemicals for use in the pharmaceuticals, paper, construction, textiles, nutrition and animal health industries. This collaboration is a key step in strengthening Saudi Arabia's specialty chemicals industry, supporting local production, reducing import dependency, and fostering innovation in critical sectors such as construction and personal care, stated Petro Rabigh in its LinkedIn post. Aligned with the Saudi Vision 2030, the initiative will contribute to the Kingdom's industrial self-sufficiency and economic growth, it stated. This strategic partnership will see the combination of leading Swiss multinational company Sika's advanced technologies with Rossari's specialised capabilities to develop quality concrete additives and admixtures. "Together, we are fostering Saudi Arabia's Vision 2030 and Sika's Strategy 2028, driving sustainable growth and innovation in the region's construction sector," remarked Ali Hakami, the General Manager at Sika. In another development, Petro Rabigh clinched a deal with Saudi Aajal Company to explore the establishment of factories for the production of synthetic pharmaceutical intermediaries (SPIs) and active pharmaceutical ingredients (APIs) in Rabigh. The MoU was signed under the auspices of the Saudi Ministry of Energy. This collaboration aims to enhance the kingdom's pharmaceutical security and reduce dependence on imports, in line with Vision 2030 by supporting local production and promoting innovation in the healthcare sector, said the top chemical company. The project also contributes to achieving the objectives of diversifying the economy and improving public health services, it another development, Petro Rabigh clinched a deal with Saudi Aajal Company to explore the establishment of factories for the production of synthetic pharmaceutical intermediaries (SPIs) and active pharmaceutical ingredients (APIs) in Rabigh. The MoU was signed under the auspices of the Saudi Ministry of Energy. This collaboration aims to enhance the kingdom's pharmaceutical security and reduce dependence on imports, in line with Vision 2030 by supporting local production and promoting innovation in the healthcare sector, said the top chemical company. The project also contributes to achieving the objectives of diversifying the economy and improving public health services, it added.-In another development, Petro Rabigh clinched a deal with Saudi Aajal Company to explore the establishment of factories for the production of synthetic pharmaceutical intermediaries (SPIs) and active pharmaceutical ingredients (APIs) in Rabigh. The MoU was signed under the auspices of the Saudi Ministry of Energy. This collaboration aims to enhance the kingdom's pharmaceutical security and reduce dependence on imports, in line with Vision 2030 by supporting local production and promoting innovation in the healthcare sector, said the top chemical company.
TECHx
28-01-2025
- Business
- TECHx
Honeywell and Petro Rabigh Partner on Naphtha Conversion Technology - TECHx Media Honeywell and Petro Rabigh Partner on Naphtha Conversion Technology
Honeywell and Petro Rabigh Partner on Naphtha Conversion Technology News Desk - Share Under the patronage of the Ministry of Energy, Honeywell and Petro Rabigh have signed a Memorandum of Understanding (MoU) to explore the deployment of Honeywell UOP's innovative Naphtha-to-Ethane-and-Propane (NEP) technology in Saudi Arabia. The signing ceremony, supported by Eng. Ahmed Al-Zahrani, Assistant Minister for Development and Excellence at the Ministry of Energy, underscores the Kingdom's focus on fostering sustainability and technological advancements in the energy sector. The MoU, though non-binding, marks a significant step toward leveraging advanced technologies to convert Butane and Naphtha into high-value feedstocks for light olefin production, including ethylene and propylene. This strategic collaboration aims to showcase and commercialize Honeywell's NEP technology, enhancing productivity, operational efficiency, and sustainability through the production of value-added petrochemical products. The initiative aligns with Saudi Vision 2030's objectives to innovate within the energy sector, drive Liquid-to-Chemical (LTC) processes, and boost economic and energy resilience. Petro Rabigh, Saudi Arabia's largest integrated refinery and petrochemical complex, specializes in producing fuels and high-value petrochemical products. Honeywell, with over 70 years of presence in the region, continues to play a pivotal role in advancing technology adoption and contributing to the Kingdom's efforts toward innovation and development in the energy sector. This partnership reinforces Saudi Arabia's commitment to positioning itself as a leader in sustainable and innovative energy solutions.
