Othman Ali Al -Ghamdi, the president and chief government directors in Petrorapag
He mentioned Othman Ali Al -Ghamdi The president and chief government directors in PetrorabThe corporate has a complete transformation plan to achieve monetary and worthwhile stability, which is determined by 4 pillars.
Al -Ghamdi added in an interview with Al -Sharq channel, that the primary pillar is to restructure the not too long ago introduced capital to scale back the debt to 4 billion {dollars}, and scale back the collected losses by 70 %.
The second pillar is the reliability and operational effectivity of the factories, because it has been efficiently accomplished from the excellent upkeep of factories and gear within the second quarter of the yr, which is upkeep that’s held each 5 years.
The third pillar is to enhance revenue margins and scale back operational prices.
He added that the fourth pillar is the conversion of some low -value merchandise into excessive -value merchandise, and on this regard the corporate has 4 tasks to transform its low -value merchandise into excessive -value merchandise, indicating that 3 of them have been adopted, whereas the mission of changing heavy gas oil into excessive -value merchandise continues to be underneath examine.
He defined that the three tasks that had been adopted are medium -cost tasks starting from 80 million {dollars} to 120 million per mission, indicating that in line with the plan, they are going to be accomplished throughout the subsequent two years.
He anticipated that after efficiently finishing the excellent transformation plan, the corporate’s competitiveness might be strengthened, and this might be positively mirrored on the corporate’s monetary efficiency.
Based on information numbersThe Board of Administrators of Petrorabg Firm really useful a rise within the firm’s capital by 31.5%, at a price of 5.26 billion riyals for the corporate’s founding shareholders, Saudi Aramco, and Sumitomo Chemical Firm Ltd. Sumitomo Firm, with the purpose of enhancing the operational standing of the corporate and enhancing its monetary place.
The council additionally really useful that the capital be decreased after growing this capital, in order that the capital is decreased from 21.97 billion riyals to 16.71 billion riyals, by decreasing the nominal worth of the conventional share of class (A) from 10 riyals to six.85 riyals, with the purpose of decreasing the collected losses.
It’s noteworthy that the Petrorabg Firm has recorded losses of two.1 billion riyals on the finish of the primary half 2025, in comparison with losses of two.5 billion riyals that had been achieved throughout the identical interval in 2024, whereas the second quarter losses amounted to 1.4 billion riyals.
The collected losses of Petrorabg Firm reached 7335 million riyals, representing 43.90% of the corporate’s capital of 16710 million riyals, as on June 30, 2025 AD.
