Petro Rabigh’s H1 2022 profit up 54% to SAR 2.109 bln; Q2 at SAR 1.385 bln

Rabigh Refining and Petrochemical Co. (Petro Rabigh) posted a 54% rise in H1 2022 net profit after Zakat and tax to SAR 2.109 billion, from SAR 1.366 billion in the year-ago period.

The profit was lifted by favorable market conditions for refined products, amid an increase in crude oil prices, which led to higher refining margins.

In addition, a non-recurring income of SAR 236.3 million was realized on the early settlement of long-term loans, which was classified as financial income under the statement of profit or loss.

In the three-month period, net profit after Zakat and tax surged 93% to SAR 1.385 billion, from SAR 716.94 million in Q2 2021, driven by an increase in crude oil prices, which pushed refining margins higher. In addition, a non-recurring income of SAR 236.3 million was realized during the current quarter.

On a quarterly basis, the second-quarter net profit surged 91.1% from SAR 724.76 million.

Total shareholders’ equity, after minority interest, increased to SAR 10.523 billion as of June 30, 2022, compared to SAR 7.586 billion a year earlier.

Retained earnings stood at SAR 1.515 billion by the end of the six-month period.

The company fully offset its accumulated losses as of June 30, 2022.

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