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Petro Rabigh Q2 earnings slip YOY on lower refining margins

Rabigh Refining and Petrochemical Co. reported on Aug. 7 that second-quarter net profit declined 25.6% from the same period a year ago to 235 million Saudi Arabian riyals.

The Saudi Arabia-based company said higher volumes and realized prices in its petrochemicals business offset lower refined product margins during the quarter, during which total sales climbed year over year from 8.84 billion riyals to 10.74 billion riyals.

For the first half of the year, net profit climbed year over year from 76 million riyals to 531 million riyals, boosted by increased petrochemicals sales volume and prices and offset by lower refined product margins. The company reported total sales climbed from 15.55 billion riyals to 20.60 billion riyals.

As of Aug. 7, US$1 was equivalent to 3.75 Saudi Arabian riyals.