Saudi Arabia Refineries Co. (SARCO) reported a 33% drop in net profit after Zakat and tax to SAR 6 million for H1 2020, compared to a net profit of SAR 9 million a year earlier.
The company attributed the profit decline to a decrease of SAR 7.6 million in the dividend payable by its affiliate, Saudi Industrial Investment Group for H1 2020.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Operating Income | (1.33) | (1.35) | (1.6 %) |
| Net Income | 8.96 | 6.00 | (33.0 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 0.60 | 0.40 | (33.0 %) |
The second quarter net profit after Zakat and tax fell by 31% year-on-year (YoY) to SAR 7.1 million, hit by a decrease of SAR 7.6 million in the dividend payable by its affiliate, Saudi Industrial Investment Group for H1 2020.
When compared to previous quarter, SARCO turned to profit from a net loss of SAR 1 million, backed by the H1 2020 dividends payable by Saudi Industrial Investment Group.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Operating Income | (0.70) | (0.46) | 34.4 % |
| Net Income | 10.23 | 7.10 | (30.6 %) |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 0.68 | 0.47 | (30.6 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Operating Income | (0.89) | (0.46) | 48.8 % |
| Net Income | (1.10) | 7.10 | 743.4 % |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | (0.07) | 0.47 | 743.4 % |
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