Jan 18 2012 |
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Saudi Petro Rabigh 4Q Net Profit Drops On Lower Refining Margins
Wednesday, Jan 18, 2012
RIYADH (Zawya Dow Jones)--Saudi-based Rabigh Refining and Petrochemical Co. (2380.SA), or Petro Rabigh , said Wednesday its fourth quarter net profit fell 4.4% to 50.3 million Saudi riyals ($13.4 million), due to low refining margins.
Earnings per share for the year were SAR0.08 down from SAR0.24 in 2010, while its fourth-quarter operating profit plunged 20% to SAR53.7 million, it said in a statement posted on the Saudi bourse website.
Full-year net profit was SAR65.9 million, down from SAR208.7 million in 2010.
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.
(END) Dow Jones Newswires
18-01-12 1455GMT
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