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FINANCIAL NEWS
Saudi PetroRabigh posts 4.4% decline in Q4 net profit
19 Jan 2012
(MENAFN) Saudi Arabia’s Refining & Petrochemical Co. (PetroRabigh), a joint-venture with Japan’s Sumitomo Chemical, said that net profit fell 4.4 percnt in the fourth quarter to USD13.4 million, from USD14 million in 2010’s same period, reported Arab News.
The company added that the decline in the period was driven by lower refining margins, moreover, operating profit also dropped in the quarter, recording a fall of 20 percent to USD14.31 million.
On the other had, it said that the refinery can process 400,000 barrels of crude per day, representing nearly 19 percent of Saudi’s total refining capacity.
It is worth noting that PetroRabigh began operations at its USD10.1 billion complex in 2009, and its products are mainly marketed in Saudi, Europe and North Africa.
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