Petro Rabigh widens loss in Q3 to 280.6M Saudi Arabian riyals compared with loss of 237.2M riyals in year-ago period due to extension of scheduled maintenance until Aug. 15

Alison Gallant

RABIGH, Saudi Arabia , October 19, 2011 (press release) – Rabigh Refining & Petrochemical Company (Petro Rabigh) announces its un-audited financial for the period ending 30/09/2011 as follows:

1-The third quarter net loss is SAR 280.6 million versus of SAR 237.2 million for the same quarter of the previous year with an increase of 18.3%, and versus SAR 402.3 million for the previous quarter with a decrease of 30.3%.

2-The gross loss for the third quarter is SAR 78.1 million versus \ SAR 23.3 million for the same quarter of the previous year with an increase of 235.2%.

3-The operational loss for the third quarter is SAR 271.4 million, versus SAR 213.1 million for the same quarter of the previous year with an increase of 27.4%.

4-The net profit during nine months is SAR 15.6 million, versus SAR 156.1 million for the same period of the previous year with a decrease of 90%.

5-Profit per share during nine months is SAR 0.02 per share, versus SAR 0.18 per share for the same period of the previous year.

6-The gross profit during nine months is SAR 682.1 million, versus SAR 451.0 million for the same period of the previous year with an increase of 51.2%.

7-The operational profit during nine months is SAR 49.1 million, versus SAR 179.9 million of operational loss for the same period of the previous year.

8-The reason for the increase in net loss in the 3rd quarter, compared to the same quarter of the previous year, is due to the extension of the periodical maintenance (T&I) until August 15th, 2011, when all facilities became fully operational, as previously announced. The reason for the decrease in net profit for the nine month period, compared to the same period of the previous year, is due to incurring non-operational non-recurrence profits during to the same period as mentioned previously. It is worth mentioning that Petro Rabighs complex has realized profits during the month of September 2011 as it returned to operating at full capacity during that month.

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