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

Nurluqman Suratman


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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