Petro Rabigh's full-year profits soar

Petro Rabigh (Rabigh, Saudi Arabia), a joint venture between Saudi Aramco and Sumitomo Chemical, today announced its audited financial results for full-year 2012. The company’s 2012 net profit soared to 488.9 million Saudi riyals ($130.4 million) from SR65.9 million in 2011. Earnings per share were SR0.56/share compared with SR0.08/share in the preceding year. Gross profit was SR1.53 billion, an increase of 55.4% on the 2011 result. Operating profit reached SR654 million, a huge rise over the SR102.8 million achieved in 2011. Revenues were not...

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