Financial Results : Petro Rabigh Q1 2022 profit up 12% to SAR 725 mln

Petro Rabigh Q1 2022 profit up 12% to SAR 725 mln

12/05/2022 Argaam Exclusive

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Rabigh Refining and Petrochemical Co. (Petro Rabigh) posted an 12% rise in Q1 2022 net profit after Zakat and tax to SAR 725 million, compared to SAR 649 million in the year-ago period. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 10,135.53 14,401.62 42.1 %
Gross Income 1,286.33 1,480.26 15.1 %
Operating Income 912.88 1,051.21 15.2 %
Net Income 649.37 724.76 11.6 %
Average Shares 1,250.63 1,250.63 -
EPS (Riyals) 0.52 0.58 11.6 %

The profit growth was spurred by favorable market conditions for refined products, amid higher crude prices, which in turn bolstered refining margins.

 

On a quarterly basis, the first-quarter net profit climbed 61.5% to SAR 448.90 million amid favorable market conditions.

 

Total shareholders’ equity, after deducting minority interest, increased by 32.2% year-on-year (YoY) to SAR 9.068 billion in Q1 2022. 

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