SARCO 9M 2023 profit drops 85% to SAR 2.7 mln; Q3 at SAR 4.4 mln

06/11/2023 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) reported a net profit of SAR 2.7 million for the first nine months of 2023, a year-on-year (YoY) drop of 85% from SAR 17.2 million.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Operating Income	(2.29)	(3.29)	(43.7 %)
Net Income	17.21	2.67	(84.5 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	1.15	0.18	(84.5 %)

This was driven by the dividend payout of Saudi Industrial Investment Group (SIIG) in 2022, which amounted to SAR 22.79 million for H2 2021 and H1 2022. The dividend for H1 2023 reached SAR 7.59 million.

SARCO posted earnings of SAR 4.4 million for Q3 2023, against a loss of SAR 3.14 million a year before, due to SIIG's dividend payout of SAR 7.59 million for Q3 2023, compared to no dividends for the same quarter of 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Operating Income	(0.52)	(1.45)	(180.6 %)
Net Income	(3.14)	4.40	240.1 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.21)	0.29	240.1 %

Item	Q2 2023	Q3 2023	Change‬
Operating Income	(1.40)	(1.45)	(3.8 %)
Net Income	(1.36)	4.40	423.9 %
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.09)	0.29	423.9 %

On a sequential basis, SARCO turned profitable from a loss of SAR 1.36 million in Q2 2023.

Total shareholders’ equity, no minority interest, stood at SAR 452.95 million by the end of Sept. 30, 2023, compared to SAR 441.53 million in the prior-year period.

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