Saudi Arabia Refineries Co. (SARCO) swung to a net loss after Zakat and tax of SAR 658,000 in the first quarter of 2022, against a net profit of SAR 221,000 in the prior-year period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Operating Income | (0.87) | (0.71) | 18.3 % |
| Net Income | 0.22 | (0.66) | (397.9 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 0.01 | (0.04) | (397.9 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Operating Income | (0.95) | (0.71) | 25.0 % |
| Net Income | (1.60) | (0.66) | 58.7 % |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | (0.11) | (0.04) | 58.7 % |
The losses were attributed to a decline in investment income and a decrease in the company’s profit share from Arab Tanker Terminals LTD.
Compared to Q4 2021, SARCO narrowed net losses after Zakat and tax by 58.7% from SAR 1.60 million, thanks to higher investment revenue and a decline in the company’s loss share from Arab Tanker Terminals LTD.
Shareholders equity, after minority interest, stood at SAR 617.69 million by the end of the three-month period, up from SAR 586.88 million a year earlier.
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