Riyadh – Mubasher: Rabigh Refining and Petrochemical Co. (Petro Rabigh) reported a 13.2% year-on-year profit decline during the first quarter of 2019.

Petro Rabigh’s net profits retreated to SAR 257 million in Q1-19, compared to SAR 296 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.  

The company attributed the drop in Q1-19 net profit to lower profit margin of refined products. 

On the other hand, sales of petrochemical products improved, the statement added.

As for Q4-18, Petro Rabigh posted net losses of SAR 105 million, against a net profit of SAR 641 million in the corresponding period a year earlier.