SARCO posts SAR 17M loss in 9M 2024, SAR 14.4M in Q3

31/10/2024 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) reported a net loss of SAR 17 million for the first nine months of 2024, compared with a profit of SAR 2.7 million in the same period last year.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Operating Income	(3.29)	(6.76)	(105.6 %)
Net Income	2.67	(17.01)	(737.5 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.18	(1.13)	(737.5 %)

SARCO faced higher operating expenses during the nine-month period and recorded realized and unrealized losses from the sale and revaluation of shares. These shares were previously valued at fair value through the comprehensive income statement in the corresponding period and are now valued at fair value through the profit and loss statement.

Meanwhile, SARCO reported higher revenues for the first nine months of 2024, driven by an increase in its share of earnings from its associate, Arab Tank Co.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Operating Income	(1.45)	(4.04)	(178.9 %)
Net Income	4.40	(14.39)	(427.1 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.29	(0.96)	(427.1 %)

Item	Q2 2024	Q3 2024	Change‬
Operating Income	(2.02)	(4.04)	(100.1 %)
Net Income	(2.04)	(14.39)	(606.8 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	(0.14)	(0.96)	(606.8 %)

In Q3 2024, the company reported a loss of SAR 14.4 million, compared to a profit of SAR 4.4 million in Q3 2023. Compared to the previous quarter, SARCO’s losses increased from SAR 2 million.

Shareholders’ equity, no minority interest, stood at SAR 379.9 million by the end of 9M 2024, down from SAR 452.95 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	(1.02)	(27.1 %)
Q2 2015	-	-	-	-	(0.53)	35.4 %
Q3 2015	-	-	-	-	(0.46)	(40.3 %)
Q4 2015	-	-	-	-	(4.25)	(488.5 %)
2015	-	-	-	-	(6.77)	(153.5 %)
Q1 2016	-	-	-	-	(0.78)	23.1 %
Q2 2016	-	-	-	-	(0.48)	10.7 %
Q3 2016	-	-	-	-	(0.55)	(20.0 %)
Q4 2016	-	-	-	-	(1.05)	75.3 %
2016	-	-	-	-	(2.85)	57.8 %
Q1 2017	-	-	-	-	(4.50)	(475.4 %)
Q2 2017	-	-	-	-	(0.74)	(56.0 %)
Q3 2017	-	-	-	-	(0.49)	10.2 %
Q4 2017	-	-	-	-	(1.05)	0.1 %
2017	-	-	-	-	(6.79)	(137.8 %)
Q1 2018	-	-	-	-	(1.04)	77.0 %
Q2 2018	-	-	-	-	(0.58)	21.3 %
Q3 2018	-	-	-	-	(0.51)	(3.9 %)
Q4 2018	-	-	-	-	(1.04)	1.0 %
2018	-	-	-	-	(3.17)	53.3 %
Q1 2019	-	-	-	-	(0.63)	39.1 %
Q2 2019	-	-	-	-	(0.70)	(19.6 %)
Q3 2019	-	-	-	-	(0.42)	17.1 %
Q4 2019	-	-	-	-	(1.39)	(33.4 %)
2019	-	-	-	-	(3.14)	1.0 %
Q1 2020	-	-	-	-	(0.89)	(41.1 %)
Q2 2020	-	-	-	-	(0.46)	34.4 %
Q3 2020	-	-	-	-	(0.52)	(22.5 %)
Q4 2020	-	-	-	-	(0.92)	33.5 %
2020	-	-	-	-	(2.79)	11.1 %
Q1 2021	-	-	-	-	(0.87)	2.1 %
Q2 2021	-	-	-	-	(0.56)	(22.3 %)
Q3 2021	-	-	-	-	1.05	303.3 %
Q4 2021	-	-	-	-	(0.95)	(3.1 %)
2021	-	-	-	-	(1.33)	52.3 %
Q1 2022	-	-	-	-	(0.71)	18.3 %
Q2 2022	-	-	-	-	(1.06)	(89.1 %)
Q3 2022	-	-	-	-	(0.52)	(149.0 %)
Q4 2022	-	-	-	-	(2.76)	(189.8 %)
2022	-	-	-	-	(5.04)	(279.1 %)
Q1 2023	-	-	-	-	(0.44)	37.9 %
Q2 2023	-	-	-	-	(1.40)	(32.0 %)
Q3 2023	-	-	-	-	(1.45)	(180.6 %)
Q4 2023	-	-	-	-	(3.26)	(18.2 %)
2023	-	-	-	-	(6.54)	(29.8 %)
Q1 2024	-	-	-	-	(0.68)	(53.6 %)
Q2 2024	-	-	-	-	(2.02)	(44.7 %)
Q3 2024	-	-	-	-	(4.04)	(178.9 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	(2.67)	11.6 %
2015	-	-	-	-	(6.77)	(153.5 %)
2016	-	-	-	-	(2.85)	57.8 %
2017	-	-	-	-	(6.79)	(137.8 %)
2018	-	-	-	-	(3.17)	53.3 %
2019	-	-	-	-	(3.14)	1.0 %
2020	-	-	-	-	(2.79)	11.1 %
2021	-	-	-	-	(1.33)	52.3 %
2022	-	-	-	-	(5.04)	(279.1 %)
2023	-	-	-	-	(6.54)	(29.8 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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)
2015	7.46	(64.3 %)	0.50	-	7.46	0.50
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)
2016	(4.04)	(154.2 %)	(0.27)	-	(4.04)	(0.27)
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
2017	7.32	281.0 %	0.49	-	7.32	0.49
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
2018	14.56	98.9 %	0.97	-	14.56	0.97
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
2019	17.17	18.0 %	1.14	-	17.17	1.14
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
2020	13.38	(22.1 %)	0.89	-	13.38	0.89
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)
2021	6.59	(50.7 %)	0.44	-	6.59	0.44
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
2022	28.23	328.2 %	1.88	-	28.23	1.88
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
Q4 2023	5.03	(54.3 %)	0.34	-	5.03	0.34
2023	7.70	(72.7 %)	0.51	(0.83)	8.53	0.57
Q1 2024	(0.60)	(60.1 %)	(0.04)	-	(0.60)	(0.04)
Q2 2024	(2.04)	(49.9 %)	(0.14)	-	(2.04)	(0.14)
Q3 2024	(14.39)	(427.1 %)	(0.96)	-	(14.39)	(0.96)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	20.93	34.5 %	1.40	1.00	19.93	1.33
2015	7.46	(64.3 %)	0.50	-	7.46	0.50
2016	(4.04)	(154.2 %)	(0.27)	-	(4.04)	(0.27)
2017	7.32	281.0 %	0.49	-	7.32	0.49
2018	14.56	98.9 %	0.97	-	14.56	0.97
2019	17.17	18.0 %	1.14	-	17.17	1.14
2020	13.38	(22.1 %)	0.89	-	13.38	0.89
2021	6.59	(50.7 %)	0.44	-	6.59	0.44
2022	28.23	328.2 %	1.88	-	28.23	1.88
2023	7.70	(72.7 %)	0.51	(0.83)	8.53	0.57

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	-	-	-
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
2023	-	-	-
Q1 2024	-	-	-
Q2 2024	-	-	-
Q3 2024	-	-	-

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

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	-	-	-
Q4 2023	-	-	-
Q1 2024	-	-	-
Q2 2024	-	-	-
Q3 2024	-	-	-

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2023	15.00	0.51	0.57	28.93
Q1 2024	15.00	0.50	0.55	29.85
Q2 2024	15.00	0.45	0.51	27.73
Q3 2024	15.00	(0.80)	(0.80)	25.33

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	15.00	1.40	1.33	31.83
2015	15.00	0.50	0.50	19.76
2016	15.00	(0.27)	(0.27)	24.10
2017	15.00	0.49	0.49	24.49
2018	15.00	0.97	0.97	28.70
2019	15.00	1.14	1.14	30.26
2020	15.00	0.89	0.89	33.89
2021	15.00	0.44	0.44	37.30
2022	15.00	1.88	1.88	29.25
2023	15.00	0.51	0.57	28.93

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2023	More than 100	More than 100	3.21
Q1 2024	More than 100	More than 100	2.90
Q2 2024	More than 100	More than 100	2.77
Q3 2024	NEG	NEG	3.24

Period	P/E	Adjusted P/E	Price/book
2014	35.42	37.20	1.55
2015	82.98	82.98	2.09
2016	NEG	NEG	1.67
2017	63.87	63.87	1.27
2018	43.08	43.08	1.46
2019	39.05	39.05	1.48
2020	More than 100	More than 100	3.10
2021	More than 100	More than 100	3.69
2022	38.47	38.47	2.47
2023	More than 100	More than 100	3.21

Financial Ratios

	Current
Market Cap (M Riyal)	1,111.50
Enterprise Value (EV) (M)	776.26
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 )

Saudi Arabia Refineries Co. (SARCO)

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SARCO posts SAR 17M loss in 9M 2024, SAR 14.4M in Q3

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

Share Price

Saudi Arabia Refineries Co. (SARCO)

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SARCO posts SAR 17M loss in 9M 2024, SAR 14.4M in Q3

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

Share Price

Saudi Arabia Refineries Co. (SARCO)

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