SARCO posts profit leap to SAR 20.4 mln in H1 2022, Q2 at SAR 21 mln

25/08/2022 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) reported a surge in H1 2022 net profit after Zakat and tax to SAR 20.4 million, from SAR 7.4 million a year earlier, lifted by SAR 22.791 million dividends due for the second half of 2021 and the first half of 2022 from Saudi Industrial Investment Group Co.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Operating Income	(1.43)	(1.77)	(23.7 %)
Net Income	7.36	20.35	176.5 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.49	1.36	176.5 %

The second-quarter net profit after Zakat and tax surged to SAR 21 million, from SAR 7.14 million in the second quarter of 2021, thanks to the SAR 22.791 million dividends from Saudi Industrial Investment Group Co. for H2 2021 and H1 2022.

Compared to the previous quarter, the company turned profitable from a net loss of SAR 660,000.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Operating Income	(0.56)	(1.06)	(89.1 %)
Net Income	7.14	21.01	194.3 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.48	1.40	194.3 %

Item	Q1 2022	Q2 2022	Change‬
Operating Income	(0.71)	(1.06)	(48.2 %)
Net Income	(0.66)	21.01	3290.7 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.04)	1.40	3290.7 %

Shareholders’ equity, after minority interest, stood at SAR 538.3 million by the end of H1 2022, down from SAR 621.2 million a year earlier.

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