Rabigh Refining and Petrochemical (Petro Rabigh) on Tuesday reported a 25.6% year-on-year decline in net profits for the second quarter of 2018.
The Saudi refiner’s profits retreated to SAR 235 million ($62.65 million) during Q2-18, compared to SAR 316 million ($84.25 million) in the prior-year period, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits levelled down 20.6% from SAR 296 million.
The firm attributed the decrease of Q2-18 profits to a drop in the profit margin of refined products. Meanwhile, Petro Rabigh’s sales jumped 21% to SAR 10.74 billion by the end of Q2-18, from SAR 8.84 billion in the corresponding period a year earlier.
At the level of the first six months, the Tadawul-listed firm’s profits skyrocketed 598.7%, reaching SAR 531 million, compared to SAR 76 million during H1-17.
This profit surge was attributed to a rise in sales, prices, and quantities of petrochemical products.
Sales surged 33% to SAR 20.6 billion during H1-18, from SAR 15.55 billion in the same six months a year ago.
Petro Rabigh’s stock inched up 0.54% to end Tuesday at SAR 28.15.