Riyadh – Mubasher: Saudi Arabia-based Rabigh Refining and Petrochemical (Petro Rabigh) on Monday said its net profit jumped 254.14% in the fourth quarter of 2017, compared to the year-ago period.

Petro Rabigh’s net profit surged to SAR 641 million during Q4-17, up from SAR 181 million in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits went down 9.21%.

Petro Rabigh attributed the increase in its year-on-year net profits to production’s stability at its industrial complex, ongoing improvement in operating performance of all units that in return boosted production and sales, and due to better average prices for petrochemicals.

Petro Rabigh’s sales increased 27% to SAR 9.5 billion in Q4-17, compared to SAR 7.5 billion in the same period the year before.

The Saudi refining and petrochemical company’s net profits skyrocketed 3966% to SAR 1.42 billion during 2017, from SAR 35 million the previous year.

Petro Rabigh’s sales rose 36% to SAR 34.2 billion in 2017, compared to SAR 25.15 billion in a year earlier.

By 10:05 am KSA time, the stock grew 4.34% to SAR 20.90.