Petro Rabigh has released its 4Q16 financial results, showing net profit of SAR183mn compared to a loss of SAR217mn in 3Q16 and a loss of SAR1,009mn in 4Q15. Gross profit came in at SAR460mn compared to gross profit of SAR25mn in 3Q16 and gross loss of SAR772mn in 4Q15. The company’s operating profit reached SAR216mn vs. a loss of SAR211mn in 3Q16 and SAR1,016mn loss in 4Q15. Revenues were SAR7,488mn, up 178% Y-o-Y increase. The company attributed the Y-o-Y improvement in financial performance to relatively stable operations during the quarter, as well as an upward revaluation of its inventory, while noting that a plant shut down also exacerbated the losses in 4Q15. The company mentioned that the Q-o-Q performance improved, on the back of better refinery margins, as well as the inventory revaluation. (Tadawul)