Riyadh - Mubasher: Rabigh Refining and Petrochemical Company (Petro Rabigh) reported a net profit of SAR 183 million ($48.8 million) in the fourth quarter of 2016 against losses of SAR 1.01 billion ($271 million) in Q4-15.

According to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday, the rise in Q4 profits is attributed to relatively stable operations. In addition, feedstock price increase positively impacted inventory valuation.

The company achieved profits of SAR 37 million in 2016 versus losses that totalled SAR 579 million the year before, because sales and production volume has increased, and feedstock prices increase raised inventory valuation.

However, this was partially offset by narrowed margin for both refined products and petrochemicals in 2016, the statement explained.