Logo ofRabigh Refining and Petrochemical Co. (Petro Rabigh)
Rabigh Refining and Petrochemical Co. (Petro Rabigh) said its accumulated losses fell to 14.77% of capital as of March 31. 
In a statement to Tadawul, the company said the total accumulated losses amounted to SAR 2.5 billion.
The company outlined the measures taken to reduce its accumulated losses, including reducing its capital from SAR 21.97 billion to SAR 16.71 billion following shareholder approval at the extraordinary general meeting (EGM).
The meeting was held on March 29, 2026, after obtaining the necessary regulatory approvals.
This was achieved by lowering the nominal value of class (A) ordinary shares from SAR 10 per share to SAR 6.85 per share and writing off SAR 5.26 billion to offset accumulated losses.
In addition, the company recorded a net profit of SAR 1.47 billion for the period ending March 31, 2026.
This increase was mainly driven by higher prices of refined products, which led to improved profit margins, supported by enhanced plant reliability and operational efficiency.
Lower financing costs also had a positive impact on profitability, primarily due to early repayment of long-term loans from previous periods, regular debt servicing, and declining interest rates.
The company added that the capital reduction and positive financial results in Q1 2026 led to accumulated losses falling below 20%.
Accordingly, and in line with Article 132 of the Companies Law and Article (3)(d) of the Capital Market Authority’s (CMA) rules and instructions, the requirements applied to listed companies whose accumulated losses reach 20% or more of their capital no longer apply to the company.
According to data available with Argaam, Petro Rabigh reported a net profit of SAR 1.49 billion in Q1 2026, compared to a net loss of SAR 691 million in Q1 2025.
Logo ofRabigh Refining and Petrochemical Co. (Petro Rabigh)
Rabigh Refining and Petrochemical Co. (Petro Rabigh) said its accumulated losses fell to 14.77% of capital as of March 31.
In a statement to Tadawul, the company said the total accumulated losses amounted to SAR 2.5 billion.
The company outlined the measures taken to reduce its accumulated losses, including reducing its capital from SAR 21.97 billion to SAR 16.71 billion following shareholder approval at the extraordinary general meeting (EGM).
The meeting was held on March 29, 2026, after obtaining the necessary regulatory approvals.
This was achieved by lowering the nominal value of class (A) ordinary shares from SAR 10 per share to SAR 6.85 per share and writing off SAR 5.26 billion to offset accumulated losses.
In addition, the company recorded a net profit of SAR 1.47 billion for the period ending March 31, 2026.
This increase was mainly driven by higher prices of refined products, which led to improved profit margins, supported by enhanced plant reliability and operational efficiency.
Lower financing costs also had a positive impact on profitability, primarily due to early repayment of long-term loans from previous periods, regular debt servicing, and declining interest rates.
The company added that the capital reduction and positive financial results in Q1 2026 led to accumulated losses falling below 20%.
Accordingly, and in line with Article 132 of the Companies Law and Article (3)(d) of the Capital Market Authority’s (CMA) rules and instructions, the requirements applied to listed companies whose accumulated losses reach 20% or more of their capital no longer apply to the company.
According to data available with Argaam, Petro Rabigh reported a net profit of SAR 1.49 billion in Q1 2026, compared to a net loss of SAR 691 million in Q1 2025.
