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Saudi's PetroRabigh Posts Narrower Q3 net Loss on Crude Spreads

Source: Reuters 10/20/2016, Location: Middle East

Saudi Arabia's Rabigh Refining and Petrochemical Co (PetroRabigh) reported a narrower net loss in the third quarter as favourable spreads on crude oil offset a modest fall in sales.

The firm, a joint venture between Saudi Aramco and Japan's Sumitomo Chemical, made a loss of 217 million riyals ($57.9 million) in the three months to Sept. 30. This compares with a loss of 460 million riyals in the corresponding period last year.

PetroRabigh, which appointed Nasser al-Mahasher as chief executive effective on Sept. 1, said a more modest compression of spreads on fuel prices had worked in its favour, contributing to the narrower loss. It did not elaborate.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later. Total sales in the third quarter dropped 4 percent to 6.38 billion riyals, because of lower prices for refined products.

Like many petrochemical firms in the kingdom, PetroRabigh's earnings have been hit hard by falling product prices as they are closely tied to slumping oil prices.

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