Petro Rabigh released its 1Q18 financial results, showing net profit of SAR296mn (vs. SAR240mn loss, -54% Q-o-Q). The company stated operating profit at SAR396mn (vs. operating loss of SAR168mn, -38% Q-o-Q), while gross profit came in at SAR772mn (vs. gross profit of SAR65mn, -14% Q-o-Q). Sales were at SAR9,856mn, which represents a 47% Y-o-Y increase. The company attributed the weaker Q-o-Q results to: i) lower petrochemical products’ sales volumes; and ii) lower refinery margins.
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