Rabigh Refining & Petrochemical Co. : (2012-01-18) (1433-02-24) Rabigh Refining & Petrochemical Company (Petro Rabigh) announces its un-audited financial for the period ending 31/12/2011 (12 months).

Rabigh Refining & Petrochemical Company (Petro Rabigh) announces its un-audited financial for the period ending 31/12/2011 (12 months).

2012-01-18
1433-02-24

Rabigh Refining & Petrochemical Company (PetroRabigh) announces its un-audited financial results for the period ending 31/12/2011 as follows:

1- The fourth quarter net profit is SAR 50.3 million versus SAR 52.6 million for the same quarter of the previous year with a decrease of 4.4 %, and versus SAR 280.6 million net loss for the previous quarter.

2- The gross profit for the fourth quarter is SAR 302.1 million versus SAR 277.7 million for the same quarter of the previous year with an increase of 8.8%.

3- The operational profit for the fourth quarter is SAR 53.7 million, versus SAR 67.1 million for the same quarter of the previous year with a decrease of 20%.

4- The net profit during twelve months is SAR 65.9 million, versus SAR 208.7 million for the same period of the previous year with a decrease of 68.4%.

5- Profit per share during twelve months is SAR 0.08 per share, versus SAR 0.24 per share for the same period of the previous year.

6- The gross profit during twelve months is SAR 984.2 million, versus SAR 728.7 million for the same period of the previous year with an increase of 35.1%.

7- The operational profit during twelve months is SAR 102.8 million, versus SAR 112.8 million loss for the same period of the previous year.

8- The reason for the decrease in net profit during the fourth quarter of 2011 versus the same period of the previous year is due to low refining margins during the fourth quarter of 2011. The reason for achieving net profit during the fourth quarter of 2011 versus a loss for the previous quarter of the same year is due to the extension of the periodical maintenance (T&I) throughout the previous quarter which resulted into low production volumes. The reason for the decrease in operational profit for the fourth quarter versus the same quarter of the previous year is due to low refining margins during the fourth quarter of year 2011.

The reason for the decrease in net profit for the twelve months period of 2011 versus the same period of the previous year is due to incurring non-operational income of SAR 660 Million during the same period of the previous year (Interests & other income SAR 175 million, sales of polymers scraps SAR 136 million, port fees income SAR 38 million and gain on de-recognition of leased assets and lease obligation SAR 311 million) as previously announced. The reason for the increase in gross profit & operational profit for the twelve months period versus the same period of the previous year is due to improved refining margins & petrochemical prices during the first quarter of year 2011.