Saudi Arabia’s Petro Rabigh swings to Q2 profit on higher prices

SINGAPORE (ICIS)–Rabigh Refining and Petrochemical Co (Petro Rabigh) posted a second-quarter net profit of Saudi riyal (SR) 172m ($46m), reversing a loss of SR236.7m in the same period of 2013, boosted by higher prices and sales volumes of its petrochemical products, the Saudi Arabia-based producer said on Thursday.

The company posted a gross profit of SR446.4m in the second quarter, reversing the SR6.5m loss in the same period a year earlier, it said in a filing to the Saudi stock exchange, Tadawul.

Petro Rabigh also reported an operational profit SR192.4m in April-June this year, versus the SR210.9m loss in the same period of 2013, it added.

For the first six months of this year, the company swung to a net profit of SR585m, versus the SR894.8m loss in the previous corresponding period.

($1 = SR3.75)