Riyadh – Mubasher: Rabigh Refining and Petrochemical (Petro Rabigh) on Tuesday turned to profitability in the third quarter of 2017, against losses in the same period in 2016.

Petro Rabigh’s net profits stood at SAR 706 million in Q3-17, against net losses of SAR 211 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits soared 123.4%.

The firm attributed turning to profits in Q3-17 to stable production processes, improvement in operational performance that led to a rise in production and sales, and the improvement in profit margins of the refined products.

At the level of the first nine months of 2017, the company achieved net profits of SAR 782 million, against losses of SAR 146 million in the corresponding period in the year earlier.

By 10:30 am KSA time, the stock grew 5.19% to reach SAR 14.40.