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Petro Rabigh net income grew by 2000% in Q3

by ChemOrbis Editorial Team -
  • 27/10/2014 (15:43)
Rabigh Refining and Petrochemical Co. (Petro Rabigh), a joint venture between Saudi Aramco and Sumitomo Chemical, announced their financial results for the third quarter of 2014, according to a press release dated October 27 on the company’s website. The company posted SAR 294 million net profit for the third quarter of 2014, a 2,000% increase when compared to SAR 14 million posted in the same period of 2013. On a quarter over quarter period, net profit was up by 70.93% from SAR 172 million.

The company’s gross profit also climbed to SAR 558 million compared to SAR 446 million recorded in the second quarter of 2014 while the company’s operational profit increased to SAR 306 million from SAR 192 million recorded in the previous quarter.

The company cited higher petrochemical sale prices and higher sales of high value refined products as the main reasons behind the increases in their net income. The company also noted that operations this year were smooth compared to last year which also impacted profits.
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