Financial Results : SARCO swings to SAR 1.7 mln loss in H1 2023, Q2 loss at SAR 1.4 mln

SARCO swings to SAR 1.7 mln loss in H1 2023, Q2 loss at SAR 1.4 mln

12/09/2023 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) turned to a loss of SAR 1.7 million in the first six months of 2023, against a net profit of SAR 20.4 million a year earlier.

 

This was due to withholding dividends by the Saudi Industrial Investment Co. for H1 2023.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 0.00 0.00 -
Gross Income 0.00 0.00 -
Operating Income (1.77) (1.84) (3.8 %)
Net Income 20.35 (1.73) (108.5 %)
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) 1.36 (0.12) (108.5 %)
EPS (Riyals) 1.36 (0.12) (108.5 %)

The company also swung to a loss of SAR 1.4 million in Q2 2023, versus a net profit of SAR 21 million a year before, due to withholding dividends by the Saudi Industrial Investment Co. for H1 2023.

 

Compared to the previous quarter, SARCO widened Q2 2023 loss from SAR 374,098.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 0.00 0.00 -
Gross Income 0.00 0.00 -
Operating Income (1.06) (1.40) (32.0 %)
Net Income 21.01 (1.36) (106.5 %)
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) 1.40 (0.09) (106.5 %)
EPS (Riyals) 1.40 (0.09) (106.5 %)

Shareholders’ equity, no minority interest, stood at SAR 491.2 million by the end of H1 2023, down from SAR 538.3 million a year earlier.

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