Rabigh Refining & Petrochemical Company announced earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net loss of SAR 658.1 million against SAR 115.8 million net profit for the same quarter for the previous year. The reason for the loss during the first quarter of 2013 versus the same period of the previous year was due to the emergency maintenance and repair work caused by the blackout incident of steam, water and power generating facilities from the provider company RAWEC and due to the planned maintenance work of the complex as well. The operational loss was SAR 628.5 million against SAR 151.4 million operational profits for the same quarter of the previous year. Loss per share was SAR 0.75 per share against SAR 0.13 earnings per share for the same period of the previous year.

Rabigh Refining & Petrochemical Company reported earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, net profit is SAR 68.1 million against SAR 50.3 million for the same quarter of the previous year with an increase of 35.4 % and against SAR 409.3 million net profits for the previous quarter with a decrease of 83.4%. The gross profit is SAR 330.2 million against SAR 302.1 million for the same quarter of the previous year with an increase of 9.3%. The operational profit for the fourth quarter is SAR 103.8 million against SAR 53.7 million for the same quarter of the previous year with an increase of 93.3%. The net profit during twelve months is SAR 488.9 million against SAR 65.9 million for the same period of the previous year with an increase of 641.9%. Profit per share during twelve months is SAR 0.56 per share against SAR 0.08 per share for the same period of the previous year. The reason for the increase in net profit for the fourth quarter 2012 against same quarter of previous year is due to higher sales price of polymer products. The reason for the decrease in net profit for the fourth quarter against third quarter of this year is due to decrease in gross margin on refined products and the period end inventory revaluation. For the full year, the gross profit during twelve months is SAR 1,529.2 million against SAR 984.2 million for the same period of the previous year with an increase of 55.4%. The operational profit during twelve months is SAR 654.0 million against SAR 102.8 million for the same period of the previous year with an increase of 536.2%. The reason for the increase in net profit for the year against last year is due to improved gross profit as a result of higher operation capacity in 2012 compared to 2011 when plants shutdown was experienced due to periodical Test and Inspection. Higher profit was made in 2012, despite of the deteriorated gross margin on hydrocarbon products compared to 2011.

Rabigh Refining & Petrochemical Company, Board Meeting, Dec 22, 2012. Agenda: To approve management appointments.