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.
| 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.
| 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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