Financial Results : SARCO 2022 profit soars to SAR 28.2 mln, Q4 at SAR 11 mln

SARCO 2022 profit soars to SAR 28.2 mln, Q4 at SAR 11 mln

30/03/2023 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) reported a net profit of SAR 28.2 million for 2022, compared with SAR 6.6 million a year earlier. 



Financials (M)

Item 2021 2022 Change‬
Revenues 0.00 0.00 -
Gross Income 0.00 0.00 -
Operating Income (1.33) (5.04) (279.1 %)
Net Income 6.59 28.23 328.2 %
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) 0.44 1.88 328.2 %
EPS (Riyals) 0.44 1.88 328.2 %

The profit growth came as Saudi Industrial Investment Group distributed a SAR 11.4 million cash dividend for H2 2021 and a SAR 22.8 million dividend for 2022. In addition, a SAR 7.6 million dividend was paid for 2021.

 

In Q4 2022, the company swung to a net profit of SAR 11 million, against a net loss of SAR 1.6 million in Q4 2021. 

  

Sequentially, SARCO turned profitable from a loss of SAR 3.14 million in Q3 2022.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 0.00 0.00 -
Gross Income 0.00 0.00 -
Operating Income (0.95) (2.76) (189.8 %)
Net Income (1.60) 11.02 791.0 %
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) (0.11) 0.73 791.0 %
EPS (Riyals) (0.11) 0.73 791.0 %

Shareholders' equity, no minority interest, reached SAR 438.82 million by the end of 2021, from SAR 559.53 million a year ago.

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