SATORP widens net loss to SAR 1.03 bln in H1 2021

A SATORP factory

Saudi Aramco Total Refining and Petrochemical Co. (SATORP) widened net loss after Zakat and tax to SAR 1.03 billion (SAR 1.25 per share) in H1 2021, compared to a loss of SAR 989.7 million in the year-earlier period.

The higher losses year-on-year (YoY) was mainly due to market conditions.

Income Statement
Period	H1 2020	H1 2021	Variation
Revenue (SAR mln)	10,547.6	16,757.7	+50%
Net profit (SAR mln)	(989.7)	(1,030.7)	(4%)
Average number of shares (mln share)	825.0	825.0	--
EPS (SAR/share)	(1.20)	(1.25)	(4%)

The company reported a net loss after Zakat and tax of 409.8 million for Q2 2021, compared to a loss of SAR 343.9 million for Q2 2020.

On a sequential basis, SATORP narrowed its losses in Q2 due to improved market conditions and operating the refinery at full capacity.

SATORP Net Profit Since 2019
Period	Net profit (SAR mln)	EPS (SAR/share)
2019
Q1	52.5	0.06
Q2	(474.9)	(0.58)
Q3	(494.0)	(0.60)
Q4	274.8	0.33
2020
Q1	(645.8)	(0.78)
Q2	(343.9)	(0.42)
Q3	(804.4)	(0.97)
Q4	(799.4)	(0.97)
2021
Q1	(620.9)	(0.75)
Q2	(409.8)	(0.50)

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