Rabigh Refining & Petrochemical Company (Petro Rabigh) announces its interim financials for the period ending 31/03/2012 (Three Month)

2012-04-17
1433-05-25

Rabigh Refining & Petrochemical Company (Petro Rabigh) announces its interim financials for the period ending 31/03/2012 as follows:

1.The first quarter net profit was SAR 115.8 million versus SAR 698.5 million for the same quarter of the previous year with a decrease of 83.4%, and versus SAR 50.3 million for the previous quarter with an increase of 130.2%.

2.The gross profit for the first quarter was SAR 381.5 million versus SAR 939.1 million for the same quarter of the previous year with a decrease of 59.4%.

3.The operational profit for the first quarter was SAR 151.4 million, versus operational profit of SAR 709.6 million for the same quarter of the previous year with a decrease of 78.7%.

4.Earnings per share during three months were SAR 0.13 per share, versus SAR 0.80 per share for the same period of the previous year.

5.The decrease in the net profit for the first quarter of 2012 compared to the same quarter of the previous year was mainly due to the decrease in refining margins and petrochemical products prices. The increase in the net profit for the first quarter 2012 compared to the previous quarter was due to the increase in gross profit which was the result of improved refining margins.