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
Operating Income	(1.33)	(5.04)	(279.1 %)
Net Income	6.59	28.23	328.2 %
Average Shares	15.00	15.00	-
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
Operating Income	(0.95)	(2.76)	(189.8 %)
Net Income	(1.60)	11.02	791.0 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.11)	0.73	791.0 %

Item	Q3 2022	Q4 2022	Change‬
Operating Income	(0.52)	(2.76)	(434.1 %)
Net Income	(3.14)	11.02	450.9 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.21)	0.73	450.9 %

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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