Petro Rabigh posts increase in net profit for Q1-2018

Petro Rabigh posts increase in net profit for Q1-2018
The increase in net profit of Petro Rabigh for Q1-2018, compared with same quarter last year was due to improved plant operations and stable production.
Published: 12 May 2018 - 10 p.m.
By: Martin Menachery

Sales of Petro Rabigh in Q1-2018 is $2,628mn compared to $1,787mn for similar quarter last year, resulting in an increase of 47%. The reason for the increase is due to improved plant operations and stable production.

Total comprehensive income for Q1-2018 amounted to $78.93mn compared to the total comprehensive loss of $64mn for the similar quarter of last year and compared to total comprehensive income of $166.67mn in the previous quarter representing a decrease of 53%.

Earnings per share amounted to $0.09 during Q1-2018, compared to loss per share of $0.07 for the same quarter of last year and earning per share of $0.19 during the previous quarter.

The shareholders equity as at the end of the period is $2,789.60mn compared to $2,177.07mn as at the end of the period last year with an increase of 28%.

The increase in net profit for Q1-2018, compared with same quarter last year was due to improved plant operations and stable production, partially offset by lower refinery margins, resulting in sales volumes being higher in Q1-2018. Also, Q1-2017 witnessed the ASU shutdown, which had an impact on all plants.

The decrease in net profit for Q1-2018 compared to previous quarter is due to a lower refinery margin in Q1-2018. In addition, Q1-2018 witnessed lower sales volumes on petrochemical products.


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