(MENAFN) PetroRabigh posted a net profit of USD48.8mn in the fourth quarter of 2016 from a loss of 1.01bn riyals in the same quarter a year earlier.
Additionally, the firm, a joint venture between Saudi Aramco and Japan's Sumitomo Chem, cited stable ops and the positive impact on inventory valuation of feedstock.
Accordingly, the firm proclaimed that the fiscal impact of a temporary stoppage of its ethane cracker would be almost 350mn riyals.
The company announced on Dec.29 it had chosen HSBC Saudi Arabia as a financial adviser for a 9.26bn riyal rights issue to fund its expansion.
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