Saudi Refineries profit slips 51% during 2021

Net profits after zakat and tax of Saudi Arabia Refineries Co. declined 51% to SR 6.6 million in 2021 from SR 13 million in 2020.

The company reported operational profit fall of 62% to SR 5 million compared to SR 14 million in the previous year.

Moreover, gross profits of Saudi Arabia Refineries decreased 51% to SR 8 million compared to SR 17 million in 2020, while profit per share (EPS) fell to SR 0.44 from SR 0.89.

Lower net profit was mainly driven by:

1- No distribution of the profits due for the second half of the year 2021 from the Saudi Industrial Investment Group Company (a company in which it is invested), where an amount of 7,597,240 riyals was distributed compared to the profits of the previous year in the amount of 15,194,480 riyals.

2- A decrease in the company’s share of the associate’s profits during the current year (profits from the shareholding in the Arab Tankers Company).