RIYADH: Saudi Arabian chemicals maker Rabigh Refining and Petrochemical Co. has posted a 12 percent increase in quarterly profits on the back of rising oil prices. The firm, better known as Petro Rabigh, managed to boost profit from SR649 million ($173 million) to SR725 million year-on-year, it said in a filing to the Saudi stock exchange. Revenues soared by 42 percent to SR14.4 billion during the quarter, compared to SR10 billion a year earlier. Petro Rabigh attributed the results to “favorable market conditions for refined products, which was driven by the increase of crude oil prices resulting in higher refining margins.”