Saudi Arabia Refineries Co. (SARCO) turned to a loss of SAR 1.7 million in the first six months of 2023, against a net profit of SAR 20.4 million a year earlier.
This was due to withholding dividends by the Saudi Industrial Investment Co. for H1 2023.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Operating Income | (1.77) | (1.84) | (3.8 %) |
| Net Income | 20.35 | (1.73) | (108.5 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 1.36 | (0.12) | (108.5 %) |
The company also swung to a loss of SAR 1.4 million in Q2 2023, versus a net profit of SAR 21 million a year before, due to withholding dividends by the Saudi Industrial Investment Co. for H1 2023.
Compared to the previous quarter, SARCO widened Q2 2023 loss from SAR 374,098.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Operating Income | (1.06) | (1.40) | (32.0 %) |
| Net Income | 21.01 | (1.36) | (106.5 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 1.40 | (0.09) | (106.5 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Operating Income | (0.41) | (1.40) | (237.3 %) |
| Net Income | (0.37) | (1.36) | (263.2 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | (0.02) | (0.09) | (263.2 %) |
Shareholders’ equity, no minority interest, stood at SAR 491.2 million by the end of H1 2023, down from SAR 538.3 million a year earlier.
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