SARCO widens loss to SAR 2.7M in H1 2024; Q2 at SAR 2M

04/08/2024 Argaam Exclusive

View other reports

Saudi Arabia Refineries Co. (SARCO) increased its loss in H1 2024 to SAR 2.7 million from SAR 1.7 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Operating Income	(1.84)	(2.72)	(47.8 %)
Net Income	(1.73)	(2.65)	(53.1 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.12)	(0.18)	(53.1 %)

The company posted higher revenues in H1 2024, driven by an increase in the share of its earnings from the associate, Arab Tank Co. This is in addition to higher operating expenses and Zakat provision during the current period.

In Q2 2024, the company widened its loss to SAR 2 million from SAR 1.36 million in Q1 2024 on lower revenue due to the distribution of SAR 78.43 million dividends by Southern Cement Co.

Compared to the previous quarter, SARCO increased Q2 2024 loss from SAR 60,000.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Operating Income	(1.40)	(2.02)	(44.7 %)
Net Income	(1.36)	(2.04)	(49.9 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.09)	(0.14)	(49.9 %)

Item	Q1 2024	Q2 2024	Change‬
Operating Income	(0.68)	(2.02)	(196.8 %)
Net Income	(0.60)	(2.04)	(239.9 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.04)	(0.14)	(239.9 %)

Shareholders’ equity, no minority interest, stood at SAR 415.87 million by the end of H1 2024, down from SAR 491.20 million a year earlier.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×