SARCO 9M 2020 net profit drops 21% to SAR 6.4 mln

02/11/2020 Argaam Exclusive

Saudi Arabia Refineries Co. (SARCO) reported a 21% drop in net profit after Zakat and tax to SAR 6.4 million for the first nine months of 2020, compared to a net profit of SAR 8.13 million a year earlier.

 

The company attributed the profit decline to a decrease of SAR 7.6 million in the dividend payable by its affiliate, Saudi Industrial Investment Group for H1 2020.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Operating Income (1.75) (1.87) (6.6 %)
Net Income 8.13 6.39 (21.4 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 0.54 0.43 (21.4 %)

The company swung to a net profit after Zakat and tax of SAR 386,080 in Q3 2020, against a net loss of SAR 828,335 in Q3 2019, due to H1 2020 dividend worth SAR 271,498 from the Southern Province Cement Co. and also the increase in the company's profit share from its associate, ArabTank termials Co. during the current quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Operating Income (0.42) (0.52) (22.5 %)
Net Income (0.83) 0.39 146.6 %
Average Shares 15.00 15.00 -
EPS (Riyals) (0.06) 0.03 146.6 %

On a quarter-on-quarter basis, SARCO’s profit plunged when compared to profit of SAR 7.1 million in Q2 2020.

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Share Price

Saudi Arabia Refineries Co.
74.10
(0.30) (0.40 %)

Saudi Arabia Refineries Co. (SARCO)

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Financial Ratios
Current
Market Cap (M Riyal) 1,111.50
Enterprise Value (EV) (M) 776.26
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) (0.80)
Book Value (BV) ( Riyal) 25.33
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.93
Return on Average Assets (%) (TTM) (2.83 )
Return on Average Equity (%) (TTM) (2.88 )
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