Riyadh – Mubasher: Rabigh Refining and Petrochemical (Petro Rabigh) trimmed its losses by 52.83% year-on-year during the third quarter of 2016, according to a bourse statement.
Losses reached SAR 217 million ($57.87 million) in Q3-16, compared to SAR 460 million ($122.67 million) in Q3-15.
The Q3-16 profit decline year-on-year is mainly attributed to lower crude oil prices.
The company incurred losses of SAR 146 million in the first nine months of 2016, against net profits of SAR 250 million in the prior-year period.
Total sales reached SAR 6.38 million in Q3-16, a 4% decline from SAR 6.68 million in Q3-15. Higher sales are mainly attributed to a decline in market prices of refined products on lower crude oil prices.
In the first nine months of 2016, total sales fell 23% to SAR 17.66 million from SAR 22.82 million in the same period last year.
