Saudi Petro Rabigh sees 62% profit increase in Q3

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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

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