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

09/01/2018

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

10/07/2017

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

Tadawul

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

16/03/2017

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
QNBK 183.41 314,625
APPC 47.90 363,668
KAYAN 15.50 7,407,695
SAICO 10.80 239,189
SABIC 124.80 2,756,706
DIB 5.25 3,629,356
WALAA 20.90 156,306
PETRORABIGH Sector Market
P/E
Price/BookValue
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 32.55 -0.35 (-1.07%)
DANA 1.15 0.03 (2.67%)
TAQA 1.14 -0.01 (-0.87%)
ADNOCDIST 2.25 0.07 (3.21%)
ALDREES 28.95 0.20 (0.69%)
Adnoc begins production and export of Umm Lulu crude grade

18/10/2018

State-owned Abu Dhabi National Oil Company began production and loading of crude from its offshore Umm Lulu and Sarb fields with commercial shipment to start next month, according to a company spokes

The National

CBD reports 26.8% jump in 9-month profits

18/10/2018

Commercial Bank of Dubai (CBD) on Wednesday reported a net profit of Dh843 million for the first nine months of 2018, up 26.8 per cent compared to the same period last year.

For the third q

Gulf News

National Bank of Bahrain Jan-Sept net profit jumps 11%

18/10/2018

National Bank of Bahrain (NBB) said it delivered strong financial results and continued growth for the first nine months of 2018 marked by an 11.3 per cent rise in net profit, which reached 55 millio

Gulf News

Doha Bank posts QR737m net profit for third quarter

18/10/2018

Doha Bank recorded a net profit of QR737m for the third quarter of 2018 as against QR1.04bn for the same period last year after taking significant loan loss provision in relation to the bank’s overse

The Peninsula

UDC posts net profit of QR416m

18/10/2018

United Development Company (UDC), a leading Qatari shareholding company and master developer of The Pearl-Qatar, reported a net profit of QR416m on revenues of QR1.29bn for the nine months ended Sept

The Peninsula