Rabigh Refining & Petrochemical Company (Petro Rabigh) announces its interim financials for the period ending 31/03/2011 (3 months)

Rabigh Refining & Petrochemical Company (PetroRabigh) announces its interim financials for the period ending 31/03/2011 as follows:

1. The first quarter net profit is SAR 698.5 million versus SAR 271.5 million for the same quarter for the previous year with an increase of 157%, and versus SAR 52.6 million for the previous quarter with an increase of 1,228%.
   
2.  The gross profit for the first quarter is SAR 939.1 million versus SAR 159.5 million for the same quarter of the previous year with an increase of 489%.
   
3.  The operational profit for the first quarter is SAR 709.6 million, versus operational loss of SAR 49.8 million for the same quarter of the previous year.
   
4.  Earnings per share during 3 months are SAR 0.80 per share, versus SAR 0.31 per share for the same period of the previous year.
   
5.  The reasons for the increase in the net profit for the first quarter 2011 compared to the same quarter of the previous year were mainly due to improved refining and petrochemical margins, as well as, increased production and higher sales.