SARCO posts SAR 17M loss in 9M 2024, SAR 14.4M in Q3

31/10/2024 Argaam Exclusive

Saudi Arabia Refineries Co. (SARCO) reported a net loss of SAR 17 million for the first nine months of 2024, compared with a profit of SAR 2.7 million in the same period last year.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Operating Income (3.29) (6.76) (105.6 %)
Net Income 2.67 (17.01) (737.5 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 0.18 (1.13) (737.5 %)

SARCO faced higher operating expenses during the nine-month period and recorded realized and unrealized losses from the sale and revaluation of shares. These shares were previously valued at fair value through the comprehensive income statement in the corresponding period and are now valued at fair value through the profit and loss statement.

 

Meanwhile, SARCO reported higher revenues for the first nine months of 2024, driven by an increase in its share of earnings from its associate, Arab Tank Co.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Operating Income (1.45) (4.04) (178.9 %)
Net Income 4.40 (14.39) (427.1 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 0.29 (0.96) (427.1 %)

In Q3 2024, the company reported a loss of SAR 14.4 million, compared to a profit of SAR 4.4 million in Q3 2023. Compared to the previous quarter, SARCO’s losses increased from SAR 2 million.

 

Shareholders’ equity, no minority interest, stood at SAR 379.9 million by the end of 9M 2024, down from SAR 452.95 million a year earlier.

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Share Price

Saudi Arabia Refineries Co.
72.50
(0.20) (0.28 %)

Saudi Arabia Refineries Co. (SARCO)

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Financial Ratios
Current
Market Cap (M Riyal) 1,087.50
Enterprise Value (EV) (M) 752.26
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 2.86
Return on Average Assets (%) (TTM) (2.83 )
Return on Average Equity (%) (TTM) (2.88 )
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