Petro Rabigh profits surge 93% to SR1.38 bln in Q2

The net profit before zakat of Rabigh Refining and Petrochemical Co.(Petro Rabigh) jumped in the second quarter to SR1.38 billion, compared to SR717 million in the same quarter of last year, by 93.17%.

This came after the announcement on Thursday of the preliminary financial results for the period ending on 30.06.2022 (six months).

The operational profit amounted to SR 1.5 billion in the second quarter, compared to SR 1.01 billion in the same quarter of the last year, up 52.5%.

The net profit before zakat in the current period amounted to SR2.10 billion, compared to SR1.4 billion in the same period last year, an increase of 54.4%.

Profits per share in the current period reached SR 2.41, compared to SR1.56 in the same period last year.

The reason for the increase in the net profit during the current quarter compared to the same quarter of the last year is due to favorable market conditions for refined products, which was driven by the increase of crude oil prices resulting in higher refining margins. In addition, a non-recurring income was realized during the current quarter amounting SR 236.3 million related to early settlement of long term loans, which was classified as financial income under the statement of profit or loss.

The reason for the increase in the net profit during the current quarter compared to the previous quarter is due to favorable market conditions for refined products, which was driven by the increase of crude oil prices resulting in higher refining margins. In addition, a non-recurring income was realized during the current quarter amounting SR 236.3 million related to early settlement of long term loans, which was classified as financial income under the statement of profit or loss.

The reason for the increase in the net profit during the current period compared to the same period of last year is due to favorable market conditions for refined products, which was driven by the increase of crude oil prices resulting in higher refining margins. In addition, a non-recurring income was realized during the current quarter amounting SR 236.3 million related to early settlement of long term loans, which was classified as financial income under the statement of profit or loss.

Additional Information:

In accordance with the Company’s unaudited condensed financial statement for the three-month and six-month periods ended June 30, 2022, the Company’s accumulated losses have been fully extinguished and as of June 30, 2022, the Company reported retained earnings of Saudi Riyals 1,515.4 million compared to accumulated losses of Saudi Riyals 701.7 million as at December 31, 2021.