Rabigh Refining and Petrochemical Company (Petro Rabigh) [2380.SE] has announced its 2Q16 financial results showing a net profit of SAR103.2mn (-79.6% Y-o-Y) . Gross profit came in at SAR400 mn (-45% Y-o-Y, +80% Q-o-Q), while operating profit was SAR118mn (-76.1% Y-o-Y). Management attributed  the Y-o-Y decrease in net profit to the decrease in the sales volumes and average petrochemical product prices, and lower refining margins. The company reported better 2Q16 results relative to 1Q16 net loss of SAR32.7mn, which Petro Rabigh attributed to the Industrial complex being shutdown in 4Q15 which diluted earnings in 1Q16 as well as improved production and sales volumes, despite the decline in refining margins.(Tadawul)