The quarterly profit of Rabigh Refining and Petrochemical Company (Petro Rabigh), increased by 11.7% to reach 725 million riyals during the period ended March 31.
The company was able to get rid of its accumulated losses permanently, with a retained profit of 60.8 million riyals, compared to accumulated losses from previous years, whose balance on December 31 last reached 701 million riyals.
The company said in a statement to Tadawul Saudi Arabia, that the reason for the increase in net profit during the first quarter of this year compared to the same quarter of the previous year is due to the positive market conditions for refined products as a result of the rise in crude oil prices, which led to an increase in the profit margin for refined products.
The company recorded revenues of 14.4 billion riyals during the period, compared to 10.1 billion riyals only during the corresponding period last year, a growth of 42%.
The company’s shareholders’ equity increased by more than 32% to record 9 billion riyals, compared to 6.85 billion riyals at the end of the first quarter of 2021.
Oil prices rose by more than 77% during the period from the end of March 2021 until March 31 of this year, according to Al Arabiya.net calculations.