Petro Rabigh’s Saudi Q2 net profit rises on higher refining margins

SINGAPORE (ICIS) – Petro Rabigh’s net profit jumped 93.2% year-on-year in the second quarter on the back of higher refining margins, the Saudi Arabia-based producer said.

Million Saudi Riyals (SR) Q2 2022 Q2 2021 % change S1 2022 H1 2021 % change

Sales

18,100

11 109

62.9%

32,502

21,245

53.0%

Operating income

1,547

1,014

52.6%

2,625

1,960

33.9%

net profit

1,385

717

93.2%

2,109

1,366

54.4%

Favorable market conditions for refined products supported the company’s earnings in the second quarter and first half of the year, driven by higher crude oil prices which led to improved margins, the company said. company in a filing on the Saudi Tadawul stock exchange on August 11. .

The company’s second quarter net profit was also boosted by a one-time gain from early settlement of long-term loans, which amounted to SR236.3 million.

Petro Rabigh processes some 400,000 barrels/day of crude oil into refined products such as gasoline and naphtha at its integrated refinery and petrochemical complex in Rabigh, according to the company’s website.

The company has 1.6 million tonnes/year of ethylene production capacity at its Rabigh complex, according to the ICIS Supply & Demand database.

($1 = SR3.75)

Thumbnail image: Jiddah, Saudi Arabia – December 14, 2020 (By Amr Nabil/AP/Shutterstock)


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