Saudi Arabia’s Rabigh Refining and Petrochemical Company (Petro Rabigh), a joint venture between Saudi Aramco and Japan's Sumitomo Chemical, saw a 26 per cent decline in second quarter net profit, due to lower refined products margin, despite a nearly 600 per cent jump in earnings for the first half.
The company, which operates a 400,000 barrel-per-day refinery on Saudi Arabia's western Red Sea coast, posted 235 million Saudi riyals (Dh230m) net profit for the second quarter of the year, compared with 316m riyals for the same period last year.
Despite a lower products margin, the company's profitability for the quarter was partially offset by "improved petrochemical products sales prices and quantities", Petro Rabigh said in a statement.
Gross profit for the quarter, however, increased 4.57 per cent to 664m riyals, while operational profit for the same period declined 18.58 per cent to 333m riyals.
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Net profit for the first six months of the year climbed to 531m riyals from 76m riyals last year - a 598.68 per cent jump, which Rabigh said was due to its petchems products being sold at higher prices and volumes.
Gross profit for the first half more than doubled to 1.436 billion riyals from 700m riyals for the same period last year, while operational profit for the same period nearly tripled to 729m riyals from 241m riyals.
Rabigh also saw sales for the second quarter rise 21 per cent to 10.7bn riyals from 8.8bn riyals last year. Total sales for the first half was 20.59bn riyals, an increase of 33 per cent over the same period last year. Total comprehensive income for the chemicals operator declined 26 per cent year-on-year to 235m riyals.
Shareholders equity stood at 10.3bn riyals, an increase of 21 per cent from the 8,52bn riyals registered at year-end.
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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F1 line ups in 2018
Mercedes-GP Lewis Hamilton and Valtteri Bottas; Ferrari Sebastian Vettel and Kimi Raikkonen; Red Bull Daniel Ricciardo and Max Verstappen; Force India Esteban Ocon and Sergio Perez; Renault Nico Hülkenberg and Carlos Sainz Jr; Williams Lance Stroll and Felipe Massa / Robert Kubica / Paul di Resta; McLaren Fernando Alonso and Stoffel Vandoorne; Toro Rosso TBA; Haas F1 Romain Grosjean and Kevin Magnussen; Sauber TBA
Info
What: 11th edition of the Mubadala World Tennis Championship
When: December 27-29, 2018
Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams
Tickets: www.ticketmaster.ae, Virgin megastores or call 800 86 823
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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