Financial Results : SARCO deepens Q1 2024 loss to SAR 599,100

SARCO deepens Q1 2024 loss to SAR 599,100

14/05/2024 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) slid into a deeper loss of SAR 599,100 in Q1 2024, compared to SAR 374,100 in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Operating Income (0.44) (0.68) (53.6 %)
Net Income (0.37) (0.60) (60.1 %)
Average Shares 15.00 15.00 -
EPS (Riyals) (0.02) (0.04) (60.1 %)

The company was hurt by higher operating expenses (OpEx) and Zakat provisions. On the other hand, sales rose on an increase in SARCO’s profit share from associates – mainly ArabTank Terminals Ltd - in Q1 2024.

 

SARCO reported a net loss against a net profit of SAR 5.03 million in Q4 2023, as sales decreased due to the distribution of SAR 7.59 million dividends from Saudi Industrial Investment Group (SIIG) in the previous quarter.

 

Shareholders' equity, no minority interest, reached SAR 447.82 million as of March 31, 2024, from SAR 483.91 million a year earlier.

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