19 January 2012 02:34 [Source: ICIS news]
SINGAPORE (ICIS)--Petro Rabigh has posted a 4.4% year-on-year decrease in its fourth-quarter 2011 net profit to Saudi riyals (SR) 50.3m ($13.4m) on the back of lower refining margins, the producer said late on Wednesday.
Petro Rabigh’s operational profit in the fourth quarter fell by 20% year on year to SR53.7m, the company said in a statement to the Saudi Stock Exchange.
For the whole of 2011, the company’s net profit fell by 68.4% year on year to SR65.9m, largely because of a higher non-operational income gain of SR660m in the full year of 2010, it said.
Petro Rabigh posted an operational profit of SR102.8m in 2011, versus a loss of SR112.8m in the same period a year earlier, the company said.
“The reason for the increase in gross profit and operational profit for the 12-month period versus the same period of the previous year is due to improved refining margins and petrochemical prices during the first quarter of year 2011,” it added.
($1 = SR3.75)
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