PetroRabigh net profit hits USD186m in Q1

21 Apr 2011

(MENAFN) Rabigh Refining & Petrochemical Company (PetroRabigh) reported that net profits for the first quarter amounted to USD186 million, up from USD72 million in the first quarter of 2009, reported Arab News.

The company said that in addition to the157 percent year-on-year increaser in profits, the company also reported a 1,228 percent quarter-on-quarter increase.

The company also said that gross profit for the same quarter hit USD250 million, increasing by over 400 percent compared to last year’s USD43 million.

The company cited the hike in profits to better sales as well as improved refining and petrochemical margins.

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