IHS Chemical Week

People & Business :: Earnings/Finance

Petro Rabigh swings to profit

12:39 PM MDT | April 17, 2014 | Ian Young

Rabigh Refining and Petrochemical Co. (Petro Rabigh) posted a net profit of 413 million Saudi riyals in the first quarter compared with a SR658-million net loss in the corresponding period of 2013. The company also reported a first-quarter operating profit of SR416 million compared with a SR628-million operating loss one year earlier. Sales were not disclosed. The swing to profit reflects higher production and sales volume compared with the first quarter of 2013, when output at PetroRabigh's manufacturing complex at Rabigh, Saudi Arabia was low and unstable due...

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