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
Operating Income	(1.77)	(1.84)	(3.8 %)
Net Income	20.35	(1.73)	(108.5 %)
Average Shares	15.00	15.00	-
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
Operating Income	(1.06)	(1.40)	(32.0 %)
Net Income	21.01	(1.36)	(106.5 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	1.40	(0.09)	(106.5 %)

Item	Q1 2023	Q2 2023	Change‬
Operating Income	(0.44)	(1.40)	(215.1 %)
Net Income	(0.37)	(1.36)	(263.2 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.02)	(0.09)	(263.2 %)

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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