Financial Results : SARCO net profit rises 23% to SAR 7.4 mln in H1 2021

SARCO net profit rises 23% to SAR 7.4 mln in H1 2021

17/08/2021 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) reported a net profit after Zakat and tax of SAR 7.4 million for the first half of 2021, a rise of 23% from SAR 6 million a year earlier.

 

The strong performance was fueled by SARCO’s profit from associates during the current period (profit from Arab Tank Terminal Ltd).



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 0.00 0.00 -
Gross Income 0.00 0.00 -
Operating Income (1.35) (1.43) (6.0 %)
Net Income 6.00 7.36 22.7 %
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) 0.40 0.49 22.7 %
EPS (Riyals) 0.40 0.49 22.7 %

In Q2 2021, SARCO’s net profit after Zakat and tax edged up 0.5% to SAR 7.14 million, compared to a net profit of SAR 7.10 in the year-earlier period. 

 

On a quarterly basis, SARCO’s net profit surged from SAR 0.22 million, backed by the company’s SAR 7.59 million dividends due from Saudi Group for Industrial Investment.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 0.00 0.00 -
Gross Income 0.00 0.00 -
Operating Income (0.46) (0.56) (22.3 %)
Net Income 7.10 7.14 0.5 %
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) 0.47 0.48 0.5 %
EPS (Riyals) 0.47 0.48 0.5 %

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