Saudi Rabigh 1Q Net Pft Falls To SAR115.8M; Lower Pdt Prices, Margins

Wednesday, Apr 18, 2012

(This story was originally published Tuesday.)

DUBAI (Zawya Dow Jones)--Saudi-based Rabigh Refining and Petrochemical Co. (2380.SA), or Petro Rabigh, said Tuesday its first-quarter net profit fell sharply to 115.8 million Saudi riyals ($30.9 million), from SAR698.5 million the year before, mainly due to lower product prices and refining margins.

Operational profit for the first quarter stood at SAR151.4 million versus SAR709.6 million a year earlier, the company said in a statement posted on the Saudi market website.

Earnings per share during the first three months of 2012 were SAR0.13, down from SAR0.80 a year earlier.

State-owned Saudi Arabian Oil Co., or Saudi Aramco, and Japan's Sumitomo Chemical Co. (4005.TO) each hold a 37.5% stake in Petro Rabigh, with the remaining 25% owned by the public, according to Zawya.com data.

Petro Rabigh shares last traded 2.3% lower at SAR23.15 Tuesday in a broadly positive overall market.

-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; nikhil.lohade@dowjones.com

(END) Dow Jones Newswires

18-04-12 0337GMT