Petro Rabigh Reports Massive Drop in First Quarter Net Profits

Rabigh Refining & Petrochemical Company (Petro Rabigh; Rabigh, Saudi Arabia), a joint venture between Saudi Aramco and Sumitomo Chemical, announces a major drop in net income in the quarter ended March 31, 2012. Net profit in the quarter was SR115.8 million ($30.9 million) compared with SR698.5 million in the same period of the previous year. Net profit was 130% higher compared with the SR50.3 million reported in the fourth quarter of 2011, however.   Gross profit in the first quarter was SR381.5 million against SR939.1 million in the same quarter of the...

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