Riyadh – Mubasher: Rabigh Refining and Petrochemical (Petro Rabigh) on Tuesday reported a 65.58% year-on-year decrease in net profits after calculating Zakat and Tax during the third quarter of 2018.

Petro Rabigh’s net profits slid to SAR 243 million ($64.78 million) in Q3-18, compared to SAR 706 million ($188.22 million) during Q3-17, according to a bourse filing.

The company attributed the third-quarter profit decline to a lower refined products margin.

Sales jumped 31.7% to SAR 12.04 million from July to September, against SAR 9.14 million during Q3-17.

Operational profits tumbled 57.3% to SAR 353 million in Q3-18, compared to SAR 827 million during the corresponding quarter last year.

From January to September 2018, Petro Rabigh’s net profits after calculating Zakat and Tax went down 1% to SAR 774 million, from SAR 782 million a year earlier.

The Saudi firm ascribed the nine-month profit drop to a growth in income tax charge.

Revenues surged 32.2% to SAR 32.6 million in the nine-month period ended September, against SAR 24.6 million in the same period of 2017.

Operational profits increased by 1.31% to SAR 1.08 billion from January to September, compared to SAR 1.07 billion a year earlier.

By 10:05 am Saudi time, Petro Rabigh’s stock fell 2.56% to SAR 21.30.