Financial Results : SARCO cuts Q1 2023 loss to SAR 374,000

SARCO cuts Q1 2023 loss to SAR 374,000

23/05/2023 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) narrowed its net loss in Q1 2023 to SAR 374,000 from SAR 658,000 in the prior-year period



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Operating Income (0.71) (0.44) 37.9 %
Net Income (0.66) (0.37) 43.2 %
Average Shares 15.00 15.00 -
EPS (Riyals) (0.04) (0.02) 43.2 %

This was due to lower operating expenses compared with Q1 2022.

 

Compared to Q4 2022, SARCO turned to losses from a profit of SAR 11.02 million, due to the distribution of SAR 11.39 million dividends from Saudi Industrial Investment Group in the previous quarter.

 

Shareholders' equity, no minority interest, stood at SAR 483.91 million by the end of the three-month period, down from SAR 617.69 million a year earlier.

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