Financial Results : SARCO turns to net loss of SAR 658,000 in Q1 2022

SARCO turns to net loss of SAR 658,000 in Q1 2022

24/05/2022 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) swung to a net loss after Zakat and tax of SAR 658,000 in the first quarter of 2022, against a net profit of SAR 221,000 in the prior-year period. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Operating Income (0.87) (0.71) 18.3 %
Net Income 0.22 (0.66) (397.9 %)
Average Shares 15.00 15.00 -
EPS (Riyals) 0.01 (0.04) (397.9 %)

The losses were attributed to a decline in investment income and a decrease in the company’s profit share from Arab Tanker Terminals LTD.

 

Compared to Q4 2021, SARCO narrowed net losses after Zakat and tax by 58.7% from SAR 1.60 million, thanks to higher investment revenue and a decline in the company’s loss share from Arab Tanker Terminals LTD.

 

Shareholders equity, after minority interest, stood at SAR 617.69 million by the end of the three-month period, up from SAR 586.88 million a year earlier.

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