SARCO 2021 net profit falls 51% to SAR 6.6 mln; Q4 loss at SAR 1.6 mln

28/03/2022 Argaam Exclusive

Saudi Arabia Refineries Co. (SARCO) reported a 51% drop in net profit after Zakat and tax to SAR 6.6 million in 2021, compared to SAR 13.4 million a year earlier. 



Financials (M)

Item 2020 2021 Change‬
Operating Income (2.79) (1.33) 52.3 %
Net Income 13.38 6.59 (50.7 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 0.89 0.44 (50.7 %)

The company said that no dividend was distributed for the second half of 2021 by the Saudi Industrial Investment Group (SIIG), an affiliate, adding that a total of SAR 7.59 million was distributed compared to the previous year’s profit at SAR 15.19 million.

 

The company also cited a decline in its profit share from associates.

 

In Q4 2021, the company swung to a net loss after Zakat and tax of SAR 1.6 million, against a net profit after Zakat and tax of SAR 7 in Q4 2020. 

  

SARCO posted a net profit of SAR 830,000 in Q3 2021. 



Current Quarter Comparison (M)

Compared With The
Item Q4 2020 Q4 2021 Change‬
Operating Income (0.92) (0.95) (3.1 %)
Net Income 7.00 (1.60) (122.8 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 0.47 (0.11) (122.8 %)

Shareholders' equity, after minority interest, rose to SAR 559.5 million in 2021, from SAR 508.3 million a year ago.

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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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