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

02/11/2020 Argaam Exclusive

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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 %

Item	Q2 2020	Q3 2020	Change‬
Operating Income	(0.46)	(0.52)	(13.3 %)
Net Income	7.10	0.39	(94.6 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.47	0.03	(94.6 %)

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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