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

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 %

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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 - - - - (0.80) (20.5 %)
Q2 2014 - - - - (0.82) (24.1 %)
Q3 2014 - - - - (0.33) 41.2 %
Q4 2014 - - - - (0.72) 43.3 %
Q1 2015 - - - - (1.02) (27.1 %)
Q2 2015 - - - - (0.53) 35.4 %
Q3 2015 - - - - (0.46) (40.3 %)
Q4 2015 - - - - (4.25) (488.5 %)
Q1 2016 - - - - (0.78) 23.1 %
Q2 2016 - - - - (0.48) 10.7 %
Q3 2016 - - - - (0.55) (20.0 %)
Q4 2016 - - - - (1.05) 75.3 %
Q1 2017 - - - - (4.50) (475.4 %)
Q2 2017 - - - - (0.74) (56.0 %)
Q3 2017 - - - - (0.49) 10.2 %
Q4 2017 - - - - (1.05) 0.1 %
Q1 2018 - - - - (1.04) 77.0 %
Q2 2018 - - - - (0.58) 21.3 %
Q3 2018 - - - - (0.51) (3.9 %)
Q4 2018 - - - - (1.04) 1.0 %
Q1 2019 - - - - (0.63) 39.1 %
Q2 2019 - - - - (0.70) (19.6 %)
Q3 2019 - - - - (0.42) 17.1 %
Q4 2019 - - - - (1.39) (33.4 %)
Q1 2020 - - - - (0.89) (41.1 %)
Q2 2020 - - - - (0.46) 34.4 %
Q3 2020 - - - - (0.52) (22.5 %)
Q4 2020 - - - - (0.92) 33.5 %
Q1 2021 - - - - (0.87) 2.1 %
Q2 2021 - - - - (0.56) (22.3 %)
Q3 2021 - - - - 1.05 303.3 %
Q4 2021 - - - - (0.95) (3.1 %)
Q1 2022 - - - - (0.71) 18.3 %
Q2 2022 - - - - (1.06) (89.1 %)
Q3 2022 - - - - (0.52) (149.0 %)
Q4 2022 - - - - (2.76) (189.8 %)
Q1 2023 - - - - (0.44) 37.9 %
Q2 2023 - - - - (1.40) (32.0 %)
Q3 2023 - - - - (1.45) (180.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 2.95 303.0 % 0.20 1.00 1.95 0.13
Q2 2014 14.35 0.8 % 0.96 - 14.35 0.96
Q3 2014 7.21 469.2 % 0.48 - 8.21 0.55
Q4 2014 (3.58) (341.2 %) (0.24) 1.00 (4.58) (0.31)
Q1 2015 (0.67) (122.9 %) (0.04) - (0.67) (0.04)
Q2 2015 16.91 17.8 % 1.13 - 16.91 1.13
Q3 2015 0.10 (98.7 %) 0.01 - 0.10 0.01
Q4 2015 (3.61) (0.9 %) (0.24) - (3.61) (0.24)
Q1 2016 (0.72) (7.1 %) (0.05) - (0.72) (0.05)
Q2 2016 (0.20) (101.2 %) (0.01) - (0.20) (0.01)
Q3 2016 (1.30) (1458.3 %) (0.09) - (1.30) (0.09)
Q4 2016 (1.82) 49.6 % (0.12) - (1.82) (0.12)
Q1 2017 3.04 520.8 % 0.20 - 3.04 0.20
Q2 2017 (1.02) (416.2 %) (0.07) - (1.02) (0.07)
Q3 2017 (0.34) 74.2 % (0.02) - (0.34) (0.02)
Q4 2017 5.64 410.2 % 0.38 - 5.64 0.38
Q1 2018 (1.23) (140.4 %) (0.08) - (1.23) (0.08)
Q2 2018 (0.49) 51.9 % (0.03) - (0.49) (0.03)
Q3 2018 6.91 2149.6 % 0.46 - 6.91 0.46
Q4 2018 9.37 66.0 % 0.62 - 9.37 0.62
Q1 2019 (1.27) (3.7 %) (0.08) - (1.27) (0.08)
Q2 2019 10.23 2178.9 % 0.68 - 10.23 0.68
Q3 2019 (0.83) (112.0 %) (0.06) - (0.83) (0.06)
Q4 2019 9.04 (3.5 %) 0.60 - 9.04 0.60
Q1 2020 (1.10) 13.1 % (0.07) - (1.10) (0.07)
Q2 2020 7.10 (30.6 %) 0.47 - 7.10 0.47
Q3 2020 0.39 146.6 % 0.03 - 0.39 0.03
Q4 2020 7.00 (22.6 %) 0.47 - 7.00 0.47
Q1 2021 0.22 120.0 % 0.01 - 0.22 0.01
Q2 2021 7.14 0.5 % 0.48 - 7.14 0.48
Q3 2021 0.83 114.5 % 0.06 - 0.83 0.06
Q4 2021 (1.60) (122.8 %) (0.11) - (1.60) (0.11)
Q1 2022 (0.66) (397.9 %) (0.04) - (0.66) (0.04)
Q2 2022 21.01 194.3 % 1.40 - 21.01 1.40
Q3 2022 (3.14) (479.3 %) (0.21) - (3.14) (0.21)
Q4 2022 11.02 791.0 % 0.73 - 11.02 0.73
Q1 2023 (0.37) 43.2 % (0.02) - (0.37) (0.02)
Q2 2023 (1.36) (106.5 %) (0.09) - (1.36) (0.09)
Q3 2023 4.40 240.1 % 0.29 (0.83) 5.23 0.35

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 15.00 1.18 1.11 40.50
Q2 2014 15.00 1.18 1.12 42.44
Q3 2014 15.00 1.58 1.58 46.80
Q4 2014 15.00 1.40 1.33 31.83
Q1 2015 15.00 1.15 1.15 29.56
Q2 2015 15.00 1.32 1.32 33.68
Q3 2015 15.00 0.85 0.78 24.46
Q4 2015 15.00 0.85 0.85 19.76
Q1 2016 15.00 0.84 0.84 18.11
Q2 2016 15.00 (0.30) (0.30) 18.85
Q3 2016 15.00 (0.39) (0.39) 18.03
Q4 2016 15.00 (0.27) (0.27) 24.10
Q1 2017 15.00 (0.02) (0.02) 26.06
Q2 2017 15.00 (0.07) (0.07) 25.09
Q3 2017 15.00 (0.01) (0.01) 26.07
Q4 2017 15.00 0.49 0.49 24.49
Q1 2018 15.00 0.20 0.20 27.84
Q2 2018 15.00 0.24 0.24 34.49
Q3 2018 15.00 0.72 0.72 33.03
Q4 2018 15.00 0.97 0.97 28.70
Q1 2019 15.00 0.97 0.97 30.37
Q2 2019 15.00 1.68 1.68 30.67
Q3 2019 15.00 1.17 1.17 28.73
Q4 2019 15.00 1.14 1.14 30.26
Q1 2020 15.00 1.16 1.16 21.84
Q2 2020 15.00 0.95 0.95 25.81
Q3 2020 15.00 1.03 1.03 29.08
Q4 2020 15.00 0.89 0.89 33.89
Q1 2021 15.00 0.98 0.98 39.13
Q2 2021 15.00 0.98 0.98 41.41
Q3 2021 15.00 1.01 1.01 47.22
Q4 2021 15.00 0.44 0.44 37.30
Q1 2022 15.00 0.38 0.38 41.18
Q2 2022 15.00 1.31 1.31 35.89
Q3 2022 15.00 1.04 1.04 29.44
Q4 2022 15.00 1.88 1.88 29.25
Q1 2023 15.00 1.90 1.90 32.26
Q2 2023 15.00 0.41 0.41 32.75
Q3 2023 15.00 0.91 0.97 30.20

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 57.82 61.30 1.68
Q2 2014 62.86 66.61 1.75
Q3 2014 53.67 53.67 1.81
Q4 2014 35.42 37.20 1.55
Q1 2015 49.59 49.59 1.94
Q2 2015 44.18 44.18 1.74
Q3 2015 48.14 52.24 1.67
Q4 2015 48.69 48.69 2.09
Q1 2016 39.60 39.60 1.85
Q2 2016 NEG NEG 1.85
Q3 2016 NEG NEG 1.43
Q4 2016 NEG NEG 1.67
Q1 2017 NEG NEG 1.30
Q2 2017 NEG NEG 1.27
Q3 2017 NEG NEG 1.32
Q4 2017 63.84 63.84 1.27
Q1 2018 More than 100 More than 100 1.47
Q2 2018 More than 100 More than 100 1.34
Q3 2018 56.71 56.71 1.24
Q4 2018 43.07 43.07 1.46
Q1 2019 45.38 45.38 1.45
Q2 2019 22.17 22.17 1.22
Q3 2019 36.82 36.82 1.49
Q4 2019 39.05 39.05 1.48
Q1 2020 27.68 27.68 1.46
Q2 2020 37.20 37.20 1.37
Q3 2020 78.75 78.75 2.79
Q4 2020 More than 100 More than 100 3.10
Q1 2021 More than 100 More than 100 5.00
Q2 2021 More than 100 More than 100 4.21
Q3 2021 More than 100 More than 100 3.43
Q4 2021 More than 100 More than 100 3.69
Q1 2022 More than 100 More than 100 3.05
Q2 2022 69.02 69.02 2.51
Q3 2022 88.48 88.48 3.13
Q4 2022 38.47 38.47 2.47
Q1 2023 42.08 42.08 2.48
Q2 2023 More than 100 More than 100 2.71
Q3 2023 More than 100 95.15 3.05


Financial Ratios
Current
Market Cap (M Riyal) 1,114.50
Enterprise Value (EV) (M) 779.26
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) (0.80)
Book Value (BV) ( Riyal) 25.33
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.93
Return on Average Assets (%) (TTM) (2.83 )
Return on Average Equity (%) (TTM) (2.88 )
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Share Price

Saudi Arabia Refineries Co.
74.40
0.30 0.40 %

Saudi Arabia Refineries Co. (SARCO)

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