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More Saudi firms announce earnings results
9:30 AM MST | January 22, 2014 | Natasha Alperowicz
Rabigh Refining and Petrochemical Co. (Petro Rabigh), a joint venture between Saudi Aramco and Sumitomo Chemical, reports a major increase in fourth-quarter profits. Net profit in the quarter rose to 1.24 billion Saudi riyals ($330.6 million) from SR68.1 million in the year-earlier period, and operating profit reached SR498.4 million compared with SR103.8 million in the fourth quarter of 2012. Sales have not been disclosed. Net profit for the whole of 2013 was down 27%, to SR359.2 million, compared with 2012. The company reported an operating loss of SR313...
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