Petro Rabigh turns profitable at over SAR 1bn in H1-21

Riyadh – Mubasher: Rabigh Refining and Petrochemical Company (Petro Rabigh) achieved net profits after Zakat and tax worth SAR 1.36 billion in the first half (H1) of 2021, against net losses of SAR 3.23 billion in H1-20.

Earnings per share amounted to SAR 1.56 in H1-21, versus a loss per share of SAR 3.69 in H1-20, according to the preliminary financial results on Tuesday.

Revenues soared by 213.9% to SAR 21.24 billion in the January-June 2021 period from SAR 6.76 billion in the prior-year period.

Petro Rabigh noted that its accumulated losses have reached SAR 1.42 billion, representing 16.23% of the SAR 8.76 billion capital, on 30 June 2021.

During the second quarter (Q2) of 2021, the company also turned profitable at SAR 717 million, against losses worth SAR 1.43 billion in Q2-20.

Revenues surged by 310.5% to SAR 11.1 billion in Q2-21 from SAR 2.7 billion in Q2-20.

On a quarterly basis, the net profits in Q2-21 were nearly 10.5% higher than SAR 649 million in Q1-21. The revenues also increased by 9.5% from SAR 10.13 billion.

Mubasher Contribution Time: 27-Jul-2021 12:58 (GMT)
Mubasher Last Update Time: 27-Jul-2021 12:58 (GMT)