Refineries Records Losses during 1Q of SR658.4 Thousand

The Saudi Arabia Refineries Company (SARCO) recorded a net loss after zakat and tax in the first quarter of SR658.4 thousand, compared to a profit of SR221,000 in the same quarter of last year.

This came after SARCO announcing on Tuesday the preliminary financial results for the period ending on 31.03.2022 (three months).

The operational loss in the first quarter amounted to SR684 thousand, compared to a profit of SR317.8 thousand in the same quarter of the previous year.

The gross income in the first quarter amounted to SR28.5 thousand, compared to SR1.19 million in the same quarter of the previous year, at a rate of 97.6%.

The gross shareholders’ equity “without minority rights” in the 3-month period amounted to SR617.7 million, compared to SR586.9 million in the same period last year, a growth of 5.2%.

The loss per share in the 3-month period was SR0.04, compared to a profit of SR0.01 in the same period last year.

The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:

The reason for realizing the loss during the current quarter compared to the same quarter of the previous year is due to the decrease in: investment income and also decrease in the company’s share of the profits of associate companies during the current quarter (the loss of the shareholding in the Arab Tankers Company).

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is:

The reason for the decrease in the loss during the current quarter compared to the previous quarter is due to the increase in investment income and the decrease in the shareholding loss in the Arab Tankers Company (the company’s share of the profits of associates).