SARCO 9M 2021 net profit rises 28% to SAR 8.2 mln

26/10/2021 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) reported a 28% growth in net profit after Zakat and tax to SAR 8.2 million in the first nine months of 2021, compared to SAR 6.4 million a year earlier.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Operating Income	(1.87)	(0.38)	79.8 %
Net Income	6.39	8.19	28.2 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.43	0.55	28.2 %

The company attributed the profit rise to the redemption of provisions that were no longer intended, namely the bank guarantee of Arab Sulfonate Co., amounting to SAR 1.5 million.

The company also cited an increase in the share of profits from associate firms for the profit rise.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Operating Income	(0.52)	1.05	303.3 %
Net Income	0.39	0.83	114.5 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.03	0.06	114.5 %

Item	Q2 2021	Q3 2021	Change‬
Operating Income	(0.56)	1.05	288.4 %
Net Income	7.14	0.83	(88.4 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.48	0.06	(88.4 %)

The company posted a net profit after Zakat and tax of SAR 828,000 in Q3 2021, rising twofold from SAR 386,080 in Q3 2020, backed by redemption of provisions that were no longer intended, namely the bank guarantee of Arab Sulfonate Co., amounting to SAR 1.5 million.

On a sequential basis, SARCO’s profit plunged when compared to SAR 7.1 million in Q2 2021.

Shareholders' equity, excluding minority rights, at the end of 9M 2021 amounted to SAR 708.4 million, compared to SAR 436.2 million a year ago.

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