By: Al-Sayed Gamal
Riyadh - Mubasher: Saudi energy companies achieved SAR 1.89 billion profits in 2016 compared to SAR 1.22 billion in 2015, with 55.2% rise.
Rabigh Refining and Petrochemical Company (Petro Rabigh) was the highest influencer as it turned to profitability to net profit of SAR 37 million in 2016 against losses of SAR 759 million in the previous year.
Petro Rabigh reported a net profit of SAR 183 million in the fourth quarter of 2016 against losses of SAR 1.01 billion in Q4-15, which positively affected the sector’s Q4 results of SAR 523.97 million versus SAR 413.21 million losses in the year-ago period.
Moreover, Saudi Arabia Refineries Co negatively affected the sector as it turned to losses of SAR 4.37 million in 2016 against SAR 12.9 million profits in 2015.
Sector’s operating profits hiked 58.6% to SAR 2.19 billion in 2016 from SAR 1.38 billion in 2015, backed by Petro Rabigh’s SAR 109 million operating in the same year.
Translated by: Sara Ghali
