Petro Rabigh sees 56% profit decline on poor market conditions

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.