The financial statements of Rabigh Refining and Petrochemical Company (Petro Rabigh) showed, the profits for the first quarter of this year decreased by 13.2% on an annual basis.

According to the results of the company for the Saudi market, today, Wednesday, the profits for the period amounted to 257 million riyals, compared to profits of 296 million riyals for the same period last year.

The company said that the decline in profits is mainly due to the low profit margin for refined products, as well as a reassessment of the useful life of property, plant and equipment.

In the statement, Petro Rabigh indicated that, in contrast, the company's sales of petrochemical products have improved.

The company’s profits fell 53% in the past year, to 669 million riyals, compared to a profit of 1.42 billion riyals in 2017.

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