Riyadh – Mubasher: Saudi Arabia’s Rabigh Refining and Petrochemical (Petro Rabigh) on Tuesday reported a 53% year-on-year decrease in profits for the full fiscal year of 2018.

Petro Rabigh’s net profits after calculating Zakat and Tax amounted to SAR 669 million ($178.36 million) from January to December 2018, down from SAR 1.42 billion ($380 million) a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the large decline in 2018 earnings to a decrease in profit margins of refined products.

Sales jumped 19.84% to SAR 40.99 billion for the previous fiscal year, from SAR 34.21 billion in 2017.

Total profits tumbled 14%, logging SAR 2.31 billion in the 12-month period ended last December, compared to SAR 2.70 billion in 2017.

Operational profits slumped 41% year-on-year to SAR 1.02 billion last year, from SAR 1.70 billion.

Earnings per share (EPS) hit SAR 0.76 in 2018, down from SAR 1.62 in the previous year.

Petro Rabigh incurred SAR 105 million losses from October to December last year, against logging SAR 641 million net profits in the same three months during 2017, according to data compiled by Mubasher.

Petro Rabigh’s stock levelled up 0.92% to close Tuesday’s trading session at SAR 19.78.