Saudi Arabia Refineries Co. (SARCO) reported a net profit after Zakat and tax of SAR 17.2 million for the first nine months of 2022, a year-on-year (YoY) increase of more than two-fold from SAR 8.2 million in the year-earlier period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Operating Income | (0.38) | (2.29) | (504.8 %) |
| Net Income | 8.19 | 17.21 | 110.2 % |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 0.55 | 1.15 | 110.2 % |
This was driven by the fact that dividends of Saudi Industrial Investment Co., an investee firm, amounted to SAR 22.79 million for H2 2021 and H1 2022. Meanwhile, only SAR 7.60 million were paid in dividends for the same period last year.
SARCO incurred a net loss of SAR 3.14 million for Q3 2022, versus a net profit of SAR 827,940 in the prior-year period. This was due to SAR 501,230 losses from Arabtank Terminals Ltd., while recording SAR 2.302 million in Zakat.
On a sequential basis, SARCO turned to losses, from a net profit of SAR 21.01 million in Q2 2022.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Operating Income | 1.05 | (0.52) | (149.0 %) |
| Net Income | 0.83 | (3.14) | (479.3 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 0.06 | (0.21) | (479.3 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Operating Income | (1.06) | (0.52) | 51.2 % |
| Net Income | 21.01 | (3.14) | (115.0 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 1.40 | (0.21) | (115.0 %) |
Total shareholders’ equity, excluding minority interest, stood at SAR 441.53 million by the end of Sept. 30, 2022, compared to SAR 708.37 million in the prior-year period.
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