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

28/03/2022 Argaam Exclusive

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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 %)

Item	Q3 2021	Q4 2021	Change‬
Operating Income	1.05	(0.95)	(190.3 %)
Net Income	0.83	(1.60)	(292.6 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.06	(0.11)	(292.6 %)

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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