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.
In late July, Petro Rabigh said it had started up its high olefins fluidized catalytic cracking unit after completing all additional maintenance and that all the production units at the complex are now in operation and the periodic maintenance program is complete. It added that the entire complex would reach its full operational capacity by Aug. 15.
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.
-By Summer Said; Dow Jones Newswires; +966-546-842-373, summer.said@dowjones.com
(END) Dow Jones Newswires
18-01-12 1455GMT
