Saudi PetroRabigh suffers from USD 8.71mn loss

21 Apr 2016

(MENAFN) Saudi Arabia’s PetroRabigh suffered from net loss in Q1, as it earnings were influenced by the plant’s gradual restart after a period of maintenance by the end of last year.

Additionally, the firm posted a loss of USD 8.7mn in the three months to March 31, compared to USD 54.74mn in the year-ago period.

Moreover, the firm proclaimed the gradual return of operations at the plant meant that sales volumes during its transition period were reduced.

However, the company’s earnings were affected by falling product prices, like many petrochemical firms in the kingdom, as they are tied to slumping oil prices.

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