Petro Rabigh Stock Grow 146% Since Jan.

During the last session, the share of Rabigh Refining and Petrochemical Company “Petro Rabigh” touched SR34, the highest price the stock has reached in seven years, since September 21, 2014, when it reached SR34.4.

Following today’s increase, the stock has increased by 146% since the beginning of the year, closing at SR13.82 at the end of December 2020.

The increase in price levels today was accompanied by an increase in trading volumes and values, with trading volumes and values totaling SR193 million, compared to SR208 million, an hour before the end of the previous session.

Stock’s trading volume hit 5.8 million shares, up from 6.4 million shares, during the previous session.

After a spike in propylene and polypropylene prices in the third quarter and first nine months of 2021, “Petro Rabigh” was positive in the third quarter.
Petro Rabigh reported profits of SR717 million in the second quarter of 2021, compared to losses of SR1,435 million riyal, the previous quarter.

The company attributed the improvement in the profit margin for petrochemical products as a result of improving market conditions, and the global economy’s gradual recovery from the impact of the pandemic to the achievement of net profit in the second quarter of 2021, compared to the net loss in the same quarter the previous year.

In addition, compared to the same quarter the previous year, when the company’s industrial complex was completely shut down for 30 days, during the quarter to execute extensive and pre-scheduled periodic maintenance.

But operations in the industrial complex were stable this quarter, adding to it was the low global demand at the time, due to the Coronavirus pandemic.