Petro Rabigh reveals Q1 net income by segments for first time

Rabigh Refining and Petrochemical Co. (Petro Rabigh) for the first time disclosed its net income for first quarter based on its two main segments: refining and petrochemical production.

Refining activities narrowed net losses to SAR 23.3 million, from SAR 452 million in Q1-2014.

Meanwhile, the petrochemical segment posted a net profit of SAR 229 million in the first quarter, dropping 74 percent year-on-year from SAR 865 million.

Petro Rabigh had first disclosed more information on its operating segments only in terms of revenues and gross income in the third quarter of 2010.

The company’s general and administrative expenses included SAR 100 million, as Petro Rabigh allocated debt provisions for customs duties owed by competent government authorities during the Rabigh Phase I project.

Fixed assets saw substantial growth of SAR 36.8 billion in the first quarter, compared to SAR 26 billion in Q1-2014, thanks to the recognition of SAR 13 billion in costs of works under construction, as well as the expansion of the Rabigh phase II project.

According to data available on Argaam, the petrochemical producer said in mid-March that it finalized procedures required for transferring the ownership of Rabigh II from its founders to the company.

Construction works at Rabigh Phase II facilities are expected to be completed as of December 2015; except for the Nylon 6 plant, which will be completed in mid-2016.