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Saudi PetroRabigh’s net profit slump in Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 20/04/2015 (17:37)
Saudi Arabia’s PetroRabigh, a joint venture between Saudi Aramco and Sumitomo Chemical, posted a weaker net profit in the first quarter of this year, according to media reports. The company’s net profit declined 50.3% to 205.4 million riyals ($54.8 million) after the company posted a net profit of 413.1 million riyals ($110.1 million) in the same period of 2014.

The company’s weaker financial results in the first three months were attributed to lower margins stemming from weaker crude oil prices.
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