The Rabigh Refining and Petrochemical Company (Petro Rabigh) achieved profits of more than 2 billion riyals in 2021, compared to 3.78 billion riyals losses during the year 2020. These profits are the highest since the establishment of Company.
According to Arabiya Net, the company's revenues jumped by 108.678% to reach 45.638 billion riyals, compared to 21.87 billion riyals during the same period last year.
The company achieved, during a three-month period in the fourth quarter ending on December 31, 2021, a total comprehensive income of 489 million riyals.
The reason for achieving the net profit during this year compared to the net loss for the previous year is mainly due to the improvement in the profit margin for refined and petrochemical products as a result of improving market conditions and the gradual recovery of the global economy from the impact of Corona pandemic.
In addition, the same period of the previous year witnessed a complete suspension of the company’s industrial complex for a period of 60 days, in order to conduct comprehensive and previously scheduled periodic maintenance, in addition to a decrease in demand and profit margin on petrochemical products during the same period as a result of the continuing pandemic.
