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Petro Rabigh profits jump 213% in Q2

Petro Rabigh profits jump 213% in Q2
Net profits reached SAR 316 million in the second quarter of 2017
PETRO RABIGH
2380
-0.99% 9.98 -0.10

Riyadh - Mubasher: The financial statements of Rabigh Refining and Petrochemical (Petro Rabigh) showed a surge in profits by 212.9% year-on-year during the second quarter of 2017, according to a bourse filing.

The company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday that net profits reached SAR 316 million for Q2-17, compared to nearly SAR 101 million for the same period last year.

Petro Rabigh attributed the rise in profits to a higher refinery margin, improved pricing on petrochemicals and an improved yield.

“Additionally sales was better during the current quarter. This was partially offset by a decline in oil prices,” the statement noted.

As for the first half of the year, profits grew by 18.75% to SAR 76 million, up from SAR 64 million in H1-16, as shown by the company’s financial records.