22 January 2014 03:55 [Source: ICIS news]
SINGAPORE (ICIS)--Rabigh Refining and Petrochemical’s (Petro Rabigh) fourth-quarter 2013 net profit surged to Saudi riyals (SR) 1.24bn ($331m) from SR68.1m in the previous corresponding period, partly on one-off gains, the Saudi Arabian producer said late on Tuesday.
New commercial arrangements with its founding shareholders totalling SR1.2bn, as well as the SR750m settlement payment by Rabigh Arabian Water & Electricity Co (RAWEC) allowed the company to report a significant increase in December-quarter earnings, it said in a filing to the Saudi Stock Exchange.
RAWEC is the utilities provider at Petro Rabigh’s petrochemical complex, which was hit by two separate incidents of power outage in 2013.
“On the other hand, lower refining margin and decreased petrochemical sales quantity due to utilities supplier blackout event in September had a negative impact,” Petro Rabigh said.
Its operating profit in October to December 2013 grew nearly fivefold to SR498.4m as refining margin deteriorated and because of low production.
For the whole of 2013, Petro Rabigh’s net profit declined 26.5% to SR359.2m.
It swung into an operating loss of SR313m last year, compared with a SR654.0m profit made in 2012, Petro Rabigh said.
($1 = SR3.75)
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