Rabigh Refining & Petrochemical Company (Petro Rabigh) Announces its Annual Financial Results for the period ending 31/12/2011

2012-02-25
1433-04-03

Rabigh Refining & Petrochemical Company (Petro Rabigh) Announces its Annual Financial Results for the period ending 31/12/2011

1. Net profit was SR 65.9 million compared to a net profit of SR 208.7 million for the previous year 2010 which is equivalent to a decrease of 68.4%.

2. Earnings per share were SR 0.08 compared to earnings of SR 0.24 per share for the previous year 2010.

3. The gross profit was SR 984.2 million compared to a gross profit of SR 728.7 million for the previous year 2010 which is equivalent to an increase of 35.1%.

4. Operating profit was SR 102.8 million compared to a an operating loss of SR 112.8 million for the previous year 2010.

5. The reason for the decrease in net profit compared to the previous year 2010 is due to incurring non-operational profit of SR 660 million in 2010. The reason for incurring operational profit versus an operational loss in the previous year 2010 is due to improved refining and petrochemical margins during the first quarter of 2011 which is also the reason for the increase in gross profit.

Overall, the companys financial results for the year 2011 were impacted by the losses incurred during the second and third quarters due to the maintenance program (T&I) that was performed during those quarters as previously announced.