Saudi chemicals maker Petro Rabigh turns into $554mln profit in 2021
Saudi chemicals maker Rabigh Refining and Petrochemical Co. turned into a profit of SR2.08 billion ($554 million) in 2021 on the back of better market conditions.
The firm, better known as Petro Rabigh, managed to erase losses of SR3.78 billion from a year earlier, it said in a filing to the Saudi stock exchange.
Revenues almost doubled to SR45.6 billion during the year, compared to SR21.9 billion in 2020.
The improved results were achieved “due to the fact that the current period has witnessed improved margins on refined and petrochemical products,” the company noted.
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