Saudi Arabia’s Petro Rabigh Q2 net income surges on higher refining margins

SINGAPORE (ICIS)–Petro Rabigh’s net profit surged by 93.2% year on year in the second quarter on the back of higher refining margins, the Saudi Arabia-based producer said.

Saudi riyal (SR) million	Q2 2022	Q2 2021	% change	H1 2022	H1 2021	% change
Sales	18,100	11,109	62.9%	32,502	21,245	53.0%
Operational profit	1,547	1,014	52.6%	2,625	1,960	33.9%
Net profit	1,385	717	93.2%	2,109	1,366	54.4%

Favourable market conditions for refined products supported the company’s earnings in the second quarter and the first half of the year, driven by the increase in crude oil prices which led to improved margins, the company said in a filing to the Saudi bourse Tadawul on 11 August.

The company’s second-quarter net profit was also boosted by a non-recurring gain from an early settlement of long-term loans, which amounted to SR236.3m.

Petro Rabigh processes some 400,000 bbl/day of crude oil into refined products such as gasoline and naphtha at its integrated refinery and petrochemical complex in Rabigh, according to the company’s website.

The company has 1.6m tonnes/year of ethylene production capacity at its Rabigh complex, according to the ICIS Supply & Demand Database.

($1 = SR3.75)

Thumbnail image: Jiddah, Saudi Arabia – 14 December 2020 (By Amr Nabil/AP/Shutterstock)

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