Aramco, Sumitomo Chemical JV Petro Rabigh's Q4 net income falls 4.4% year-over-year to 50.3M Saudi riyals as operating profit drops 20% to 53.7M Saudi riyals; results reflect narrowing refining margins, company says
January 18, 2012
– Saudi Arabia-based Refining & Petrochemical Co. (Petro Rabigh) saw its net profit fall 4.4% year-over-year to 50.3 million Saudi riyals in Q4 due to narrowing of refining margins, Reuters reported Jan. 18, citing a company statement.
The company saw its operating profit plunge 20% during the quarter to 53.7 million Saudi riyals, Reuters reported.
Petro Rabigh is a JV between the Saudi Arabian Oil Co. (Saudi Aramco) and Japan-based Sumitomo Chemical, with each owning a 37.5% stake while the rest is publicly owned, Reuters noted.
The primary source of this article is Reuters, London, England, Jan. 18, 2012.