Rabigh Refining & Petrochemical Company (Petro
Rabigh) announces its un-audited financials for the three months ending March 31,
Refining & Petrochemical Company (Petro Rabigh) announces its un-audited financials
for the first quarter ending March 31, 2010 as follows:
1. The first quarter net profit is SAR 271.5 million versus a net loss of SAR 28.7
million for the same quarter last year, and versus a net loss of SAR 323.7 million
reported for the fourth quarter of year 2009.
2. The gross profit for the first quarter is SAR 159.5 million versus SAR 107.0
million for the same quarter of last year, which is an increase of 49%.
3. The operational loss for the first quarter is SAR 49.7 million versus SAR 38.9
million losses for the same quarter of last year with an increase of 28%.
4. Profit per share during the first quarter is SAR 0.31 per share versus SAR 0.03
loss per share of the same period of last year.
5. The increase in net profit is due to the strengthening refining and petrochemical
margins, stable operations and none re-occurring profit. Furthermore, it is worth
mentioning that due to operational stability; Petro Rabigh has achieved operational
profit in March, 2010.