Rabigh Refining and Petrochemical Company “Petro Rabigh” announced the completion of the full repayment of commercial loans related to the first phase of the industrial complex, amounting to 21.9 billion Saudi riyals, on December 20, 2021, according to the scheduled payment plan.
The company said in a statement on “Saudi Tadawul”, today, Monday, that the first phase of the project was launched in 2009, to increase the annual production capacity of the national economy of petrochemical products and refined oil derivatives.
Petro Rabigh’s profits amounted to 221 million riyals during the third quarter of this year, compared to losses of 610 million riyals in the same quarter of last year.
The company stated in a previous statement, that the reason for achieving net profit during the current quarter compared to net loss for the same quarter of the previous year is due to the improvement in the profit margin for products as a result of improved market conditions and the gradual recovery of the global economy from the impact of the Corona pandemic, in addition to the stability of operations in the industrial complex for this. quarter compared to the same quarter of the previous year.
In the first 9 months of this year, the company achieved 1.55 billion riyals of profits, compared to a loss of 3.84 billion riyals for the same period last year.