|29 October, 2019

Saudi Petro Rabigh sees 62% profit increase in Q3

Net profits reached $105.06mln in Q3-19

A Saudi trader monitors stocks at the Saudi Stock Exchange in Riyadh.

A Saudi trader monitors stocks at the Saudi Stock Exchange in Riyadh.

REUTERS/FAISAL NASSER

Riyadh – Rabigh Refining and Petrochemical Company (Petro Rabigh) posted its interim financial results for the third quarter of 2019.

Net profits after zakat and tax jumped by 62.13% to SAR 394 million in Q3-19, compared to SAR 243 million in Q3-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Tuesday.

Meanwhile, revenues of the Saudi firm plunged by 27.3% year-on-year to SAR 8.74 billion during the three-month period between July and September.

For the first nine months of 2019, profits of Petro Rabigh fell by 55.6% to SAR 343 million, versus SAR 774 million in the same period last year.

The company generated SAR 26.2 billion in revenues in nine months, down 19.7% from SAR 32.6 billion in the corresponding period of 2018.

By the end of September, profit per share recorded SAR 0.39, against SAR 0.88 in September 2018.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities