Petro Rabigh posts H1 profit of $105m, cites non-operating items

21 July 2010 14:11  [Source: ICIS news]

LONDON (ICIS news)--Petro Rabigh stressed on Wednesday that its first-half 2010 net profit of Saudi riyals (SR) SR393.3m ($105m) was boosted by a “non-recounting” gain of SR509m booked in the first quarter.

Late on Tuesday, the Saudi Aramco/Sumitomo Chemical joint venture posted a second-quarter net profit of SR121.8m, compared with a net loss of SR236m in the same period of last year.

The second-quarter net profit was 55.1% lower than the SR271.5m earned in the first quarter, which included non-operating gains.

The company's first-half 2009 net loss was SR264.6m.

“The increase in net profits for the first six months of 2010 is due to the full operation of all the plant units and the stability of production operations, compared to the first six months of 2009 where most of the plant units were under pre-commissioning phase,” the company said in a statement posted on the Saudi bourse late on Tuesday.

“It should also be noted that the total sales for June 2010 have significantly increased compared to previous months,” the statement added.

Petro Rabigh said its second-quarter operating profit was SR82.9m against a SR240.1m loss in the second quarter of 2009. First-half operating profit was SR33.2m against a loss of SR279m.

($1 = SR3.75)

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By: Nigel Davis
+44 20 8652 3214

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