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Petro Rabigh logs SAR 725m profits in Q1-22 initial financials

Petro Rabigh logs SAR 725m profits in Q1-22 initial financials
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PETRO RABIGH
2380
2.77% 27.80 0.75

Riyadh – Mubasher: Rabigh Refining and Petrochemical Company (Petro Rabigh) has registered net profits after Zakat and tax of SAR 725 million during the first quarter (Q1) of 2022, higher by 11.71% than SAR 649 million in Q1-21.

During the January-March period, the company's revenues stood at SAR 14.40 billion, an annual hike of 42.08% from SAR 10.13 billion, according to a bourse disclosure on Thursday.

Meanwhile, the earnings per share (EPS) increased to SAR 0.83 in Q1-22 from SAR 0.74 in Q1-21.

On a quarterly basis, the Q1-22 revenues rose by 9.80% from SAR 13.11 billion, while the net profits soared by 61.46% from SAR 449 million.

Last year, Petro Rabigh recorded net profits after Zakat and tax worth SAR 2.03 billion, versus net losses of SAR 3.78 billion in 2020.