RIYADH: Saudi chemicals maker Rabigh Refining and Petrochemical Co. saw its profits decline to SR696 million ($186 million) in the nine months half of 2022, as a result of weak market conditions.
The firm, better known as Petro Rabigh, said in a bourse filing that profits fell 56 percent from SR1.6 billion in the same period last year.
This was despite a 39 percent rise in revenue during the nine-month period to SR45 billion, compared to SR33 billion a year earlier.
The disappointing results were caused by unfavorable market conditions for both refined and petrochemical products, which adversely impacted product margins, the company said.
The quarter also saw a decrease in margins for all petrochemical products and steep negative margins for certain refined products, as well as higher financing costs due to higher interest rates.
During the third quarter of 2022, the chemicals maker suffered huge losses of SR1.4 billion, compared to SR221 million in profits in the same period in 2021.