Sunday, 4 June 2023

SARCO profits grow by 328.2% during 2022, to reach SR28.2 mln

Saudi Arabian Refineries Company revealed an increase in net profit after zakat and tax during the year ending on December 31, 2022 to 28.2 million riyals, compared to 6.5 million riyals in the previous year, by 328.2%. This came after today’s announcement of the annual financial results ending in 2022. -12-31.

The operational profit amounted to 29.3 million riyals during the year ending on December 31, 2022, compared to 5.3 million riyals in the previous year, with a growth of 451%.

The total shareholders’ equity “without minority rights” amounted to 438.8 million riyals in the current year, compared to 559.5 million riyals in the previous year, a decline of 21.5%.

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Earnings per share in the current year reached 1.88 riyals, compared to 0.44 riyals in the previous year.

– The increase in net profit during the current year 2022 compared to the previous year 2021 is due to the Saudi Industrial Investment Group distributing profits for the second half of 2021 in the amount of 11,395,860 riyals, in addition to the distribution of profits for the entire year 2022 in the amount of 22,791,720 riyals. While the distributions for 2021 amounted to 7,597,240 riyals.

– Total shareholders’ equity decreased in 2022 compared to what it was in 2021 due to a decrease in total comprehensive income, as the company recorded losses of change in the fair value of investments in equity instruments in the amount of 141,644,951-

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