SARCO 2023 profit drops 73% to SAR 7.7M, Q4 at SAR 5M

18/03/2024 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) reported a net profit of SAR 7.7 million for 2023, a drop of 73% compared with SAR 28.2 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Operating Income	(5.04)	(6.54)	(29.8 %)
Net Income	28.23	7.70	(72.7 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	1.88	0.51	(72.7 %)

This was driven by lower revenue due to the Saudi Industrial Investment Group’s (SIIG) distribution of a SAR 15.19 million cash dividend for 2023, versus SAR 22.79 million in cash dividend for 2022. In addition, SAR 11.39 million dividend for H2 2021 was paid at the beginning of 2022.

In Q4 2023, the company's net profit reached SAR 5.03 million, a decrease of 54.3% year-on-year.

Sequentially, SARCO’s Q4 earnings rose 14.4% from SAR 4.4 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Operating Income	(2.76)	(3.26)	(18.2 %)
Net Income	11.02	5.03	(54.3 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.73	0.34	(54.3 %)

Item	Q3 2023	Q4 2023	Change‬
Operating Income	(1.45)	(3.26)	(125.0 %)
Net Income	4.40	5.03	14.4 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.29	0.34	14.4 %

Shareholders' equity, no minority interest, reached SAR 434.01 million by the end of 2023, from SAR 438.82 million a year ago.

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