RIYADH: Saudi chemicals maker Rabigh Refining and Petrochemical Co. made profits of SR2.1 billion ($560 million) in the first half of 2022, thanks to better market conditions.
The firm, better known as Petro Rabigh, announced in a bourse filing that profit is up 54 percent from SR1.4 billion in the same period last year.
This came in line with a 53 percent rise in revenue during the six-month period to SR32.5 billion, compared to SR21.2 billion a year earlier.
The improved results were achieved due to “favorable market conditions for refined products, which was driven by the increase of crude oil prices resulting in higher refining margins,” the company noted.
In addition, a once-off income of SR236 million was realized during the current quarter as an early settlement of long-term loans.
