Rabigh Refining and Petrochemical Co. (Petro Rabigh) has logged SAR 198 million net loss for the fourth quarter of FY14, against SAR 1,240 million net profit in Q4-13 and SAR 294 million net profit in Q3-14.

Meanwhile, FY14 net profit amounted to SAR 681 million, a rise by 90% from SAR 359 million net profit a year earlier.

The company ascribed the quarterly results to the plunge in crude prices that led to a drop in the value of petroleum products inventory.

Meanwhile, it said full-year earnings were boosted by stable productivity and improved refining margins.

Photo Credit: Arabianeye-Reuters