Rabigh Refining & Petrochemical Company to Cooperate with National Industrial Training Institute According to BAC Company Report Report20 Mar 2012 • by Natalie Aster
LONDON – Recently Rabigh Refining & Petrochemical Company announced signing a Letter of Intent with National Industrial Training Institute (NITI) about future cooperation in labor force training. NITI is a non-profit institution aimed at providing training in areas of oil, gas and petrochemical operations. Located in Al-Hofuf city along Airport Road, the complex is planned to have 2000 trainees at a time, also offering housing for 1000 people, as well as social and leisure facilities. The construction works have already begun, and the project is scheduled to be finished by 2014. It will start operating in March that year.
Engagement in NITI project is a part of Rabigh sustainability policy, aimed at development of national workforce and provision of vacancies for them. Such cooperation will allow Rabigh to train their future employees, therefore giving them the precise skill set.
Rabigh financial performance has not been strong last years. The quarter ended December 2011 shows improvement comparing to the previous periods, but still leaves the whole 2011 a weak year. In Q4 2011 revenue was SAR 16.6 B, operating income was SAR 53.8 M, net income was SAR 50.3 M, profit margin equaled 0.3%. FY 2011 brought revenue increase by 14% to SAR 53.4 B, gross profit rise of 35% to SAR 984.2 M, operating income of SAR 102.8 M (against negative value in 2010), and net income decline by 68.4% to SAR 65.9 M. Therefore despite growing revenues profit margin decreased in 2011.
Founded in 2005 and headquartered in Rabigh (Saudi Arabia), Rabigh Refining & Petrochemical Company engages in refining of petroleum products, petrochemicals and other hydrocarbons. Product range includes LLDPE, HDPE, Homopolymer Polypropylene, Impact Copolymer Polypropylene, Propylene oxide, MEG, LPG, Naphtha, Gasoline, Gas Oil, Fuel Oil, Kerosene. The company is public and trades on Saudi Arabian SE under the ticker 2380.
Full review of the company’s business, products, possibilities and experts’ forecasts can be found in the report “Rabigh Refining & Petrochemical Company Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis” recently published by Market Publishers Ltd.
Title: Rabigh Refining & Petrochemical Company Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis
Date: Mar, 2012
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