Riyadh - Mubasher: The financial statements of Rabigh Refining and Petrochemical (Petro Rabigh) showed a surge in profits by 212.9% year-on-year during the second quarter of 2017, according to a bourse filing.
The company said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday that net profits reached SAR 316 million for Q2-17, compared to nearly SAR 101 million for the same period last year.
Petro Rabigh attributed the rise in profits to a higher refinery margin, improved pricing on petrochemicals and an improved yield.
“Additionally sales was better during the current quarter. This was partially offset by a decline in oil prices,” the statement noted.
As for the first half of the year, profits grew by 18.75% to SAR 76 million, up from SAR 64 million in H1-16, as shown by the company’s financial records.
