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Saudi Arabia’s PetroRabigh’s net profit plunges 79.6% in Q2

by ChemOrbis Editorial Team -
  • 25/07/2016 (14:55)
According to media reports, Saudi Arabia’s PetroRabigh, a joint venture between Saudi Aramco and Japan’s Sumitomo Chemical, posted a net profit of 103.2 million riyals ($27.5 million) in the second quarter, down 79.6% compared with a net profit of 504.9 million riyals in the same period of 2015.

The weaker financial results for the quarter were led by lower petrochemical prices and refinery margins as well as unplanned shutdowns at some of its facilities. In May, the company experienced a 10-day power cut at its petrochemical complex which also had a 124 million riyal impact ($33.1 million) on second-quarter results.

In addition, the company had announced on June 23 that they initiated a precautionary shutdown at its ethane cracker unit following a fault in a turbine generator. On July 14, the company announced that they began restarting the unit. According to the company’s statement on its website, this shutdown would have a negative impact on the gross profit margin for the second and third quarters of 2016, which was valued at approximately 350 million riyals ($93.3 million).
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