Rabigh Refining & Petrochemical Company
(Petro Rabigh) Announces its Annual Financial
Results for the period ending 31/12/2011
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
2. Earnings per share were SR 0.08 compared to
earnings of SR 0.24 per share for the previous
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.