‎“SARCO” losses decreased to SR 374K during Q1, by 43%‎

Saudi Arabian Refineries Company revealed a decrease in net loss after zakat and tax in the first quarter to 374 thousand riyals, compared to 658.4 thousand riyals in the same quarter of last year, by 43%. This came after today’s announcement of the preliminary financial results for the period ending in 2023- 03-31 (three months).

The operational loss amounted to 413.6 thousand riyals in the first quarter, compared to 684 thousand riyals in the same quarter of the previous year, a decrease of 39.5%.

The total shareholders’ equity “without minority rights” amounted to 483.9 million riyals in the current period, compared to 617.6 million riyals in the same period last year, a decrease of 21.6%.

Earnings per share in the current period reached 0.02 riyals, compared to 0.04 riyals in the same period last year.

The reason for the decrease in net losses in the current quarter compared to the same quarter of the previous year is due to a decrease in operating expenses during this quarter.

The reason for the decrease in net profit in the current quarter compared to the previous quarter is due to the distribution of dividends from the Saudi Industrial Investment Group Company in the previous quarter amounting to 11,395,860 riyals.