SARCO’s net profit drops 33% to SAR 6 mln in H1 2020

09/08/2020 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) reported a 33% drop in net profit after Zakat and tax to SAR 6 million for H1 2020, compared to a net profit of SAR 9 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	6m 2019	6m 2020	Change‬
Operating Income	(1.33)	(1.35)	(1.6 %)
Net Income	8.96	6.00	(33.0 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.60	0.40	(33.0 %)

The second quarter net profit after Zakat and tax fell by 31% year-on-year (YoY) to SAR 7.1 million, hit by a decrease of SAR 7.6 million in the dividend payable by its affiliate, Saudi Industrial Investment Group for H1 2020.

When compared to previous quarter, SARCO turned to profit from a net loss of SAR 1 million, backed by the H1 2020 dividends payable by Saudi Industrial Investment Group.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Operating Income	(0.70)	(0.46)	34.4 %
Net Income	10.23	7.10	(30.6 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.68	0.47	(30.6 %)

Item	Q1 2020	Q2 2020	Change‬
Operating Income	(0.89)	(0.46)	48.8 %
Net Income	(1.10)	7.10	743.4 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.07)	0.47	743.4 %

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