Petro Rabigh's net profit surged by 93.2% year on year in the second quarter on the back of higher refining margins, said Maal.
The operational profit amounted to SR 1.5 billion in the second quarter, compared to SR 1.01 billion in the same quarter of the last year, up 52.5%. The net profit before zakat in the current period amounted to SR2.10 billion, compared to SR1.4 billion in the same period last year, an increase of 54.4%. Profits per share in the current period reached SR 2.41, compared to SR1.56 in the same period last year.
The reason for the increase in the net profit during the current quarter compared to the same quarter of the last year is due to favorable market conditions for refined products, which was driven by the increase of crude oil prices resulting in higher refining margins. In addition, a non-recurring income was realized during the current quarter amounting SR 236.3 million related to early settlement of long term loans, which was classified as financial income under the statement of profit or loss.
The reason for the increase in the net profit during the current quarter compared to the previous quarter is due to favorable market conditions for refined products, which was driven by the increase of crude oil prices resulting in higher refining margins. In addition, a non-recurring income was realized during the current quarter amounting SR 236.3 million related to early settlement of long term loans, which was classified as financial income under the statement of profit or loss.
The reason for the increase in the net profit during the current period compared to the same period of last year is due to favorable market conditions for refined products, which was driven by the increase of crude oil prices resulting in higher refining margins. In addition, a non-recurring income was realized during the current quarter amounting SR 236.3 million related to early settlement of long term loans, which was classified as financial income under the statement of profit or loss.
As per MRC, Rabigh Refining and Petrochemical Company (Petro Rabigh) has announced that it has submitted a capital reduction application file and a capital increase application file to the Saudi Capital Market Authority. The company said in a statement on “Tadawul Saudi Arabia”, Monday, that it obtained the approval of the lenders regarding the capital reduction and capital increase in accordance with the requirements of the relevant financing agreements.
mrchub.com