09/08/2018 07:51 AST

Saudi Arabia’s Rabigh Refining and Petrochemical Company (Petro Rabigh), a joint venture between Saudi Aramco and Japan's Sumitomo Chemical, saw a 26 per cent decline in second quarter net profit, due to lower refined products margin, despite a nearly 600 per cent jump in earnings for the first half.

The company, which operates a 400,000 barrel-per-day refinery on Saudi Arabia’s western Red Sea coast, posted 235 million Saudi riyals (Dh230m) net profit for the second quarter of the year, compared with 316m riyals for the same period last year.

Despite a lower products margin, the company’s profitability for the quarter was partially offset by "improved petrochemical products sales prices and quantities", Petro Rabigh said in a statement.

Gross profit for the quarter, however, increased 4.57 per cent to 664m riyals, while operational profit for the same period declined 18.58 per cent to 333m riyals.

Net profit for the first six months of the year climbed to 531m riyals from 76m riyals last year - a 598.68 per cent jump, which Rabigh said was due to its petchems products being sold at higher prices and volumes.

Gross profit for the first half more than doubled to 1.436 billion riyals from 700m riyals for the same period last year, while operational profit for the same period nearly tripled to 729m riyals from 241m riyals.

Rabigh also saw sales for the second quarter rise 21 per cent to 10.7bn riyals from 8.8bn riyals last year. Total sales for the first half was 20.59bn riyals, an increase of 33 per cent over the same period last year. Total comprehensive income for the chemicals operator declined 26 per cent year-on-year to 235m riyals.

Shareholders equity stood at 10.3bn riyals, an increase of 21 per cent from the 8,52bn riyals registered at year-end.

The National

Petro Rabigh commissions 10 units of Rabigh phase II project in KSA


Rabigh Refining and Petrochemical Company (Petro Rabigh) said that ten out of 12 units of its $7bn Rabigh phase II petrochemical expansion project in Saudi Arabia have entered into production.

Energy Business Review

PETRORABIGH say no update on capital hike


Reference to the announcement of Rabigh Refining and Petrochemical Company (Petro Rabigh) on April 13, 2015, regarding the recommendation of the Board of Directors to increase the company's capital t


Petro Rabigh, KAEC launch alliance to boost economic, social developme


King Abdullah Economic City (KAEC) and Petro Rabigh have recently announced the launch of the Saudi Sustainable Development Association.

The Association is an innovative, pioneering initia

Saudi Gazette

Ticker Price Volume
SISCO 13.44 432,595
JADCO 23.24 26,909
SAMBA 29.80 1,824,433
EXTRA 54.30 397,415
KEC 10.44 169,610
SECO 18.40 732,542
FARM 18.72 38,399
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
BAHRI 29.10 -0.20 (-0.69%)
DANA 1.13 0.02 (1.80%)
TAQA 1.20 0.07 (6.19%)
ADNOCDIST 2.35 -0.01 (-0.43%)
ALDREES 25.75 0.10 (0.38%)
Marka narrows losses but problems continue


Amid an ongoing restructuring, Dubai-listed retailer Marka has seen its losses narrow in the second quarter, while also seeing its revenue slip. The company did manage, however, to post a gross profi

Gulf News

Batelco offers high-speed LTE services package


Batelco, the leading digital solutions provider in Bahrain, is set to offer a new high-speed LTE Data Roaming services package with options including a one-day data roaming in the GCC for only BD5 ($

Trade Arabia

Nakheel posts $683m net profit in H1


Nakheel, a leading global developer, said it has registered a net profit of Dh2.51 billion ($683 million) for the first six months of the year compared to Dh2.61 billion ($710 million) for the same p

Trade Arabia

Emaar Properties' H1 revenue surges 46pc to $3.12bn


Leading property developer Emaar has registered a revenue of Dh11.47 billion ($3.12 billion) for the first half of the year, up 46 per cent compared to Dh7.86 billion ($2.14 billion) last year led by

Trade Arabia

SABIC and Nottingham Spirk accelerate innovations


Leveraging its unique ability to expand value for its customers while also contributing to Saudi Vision 2030, SABIC, a global leader in the chemical industry, is investing in new applications and met

Saudi Gazette