Saudi Arabia Refineries Co. (SARCO) reported a surge in H1 2022 net profit after Zakat and tax to SAR 20.4 million, from SAR 7.4 million a year earlier, lifted by SAR 22.791 million dividends due for the second half of 2021 and the first half of 2022 from Saudi Industrial Investment Group Co.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Operating Income | (1.43) | (1.77) | (23.7 %) |
| Net Income | 7.36 | 20.35 | 176.5 % |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 0.49 | 1.36 | 176.5 % |
The second-quarter net profit after Zakat and tax surged to SAR 21 million, from SAR 7.14 million in the second quarter of 2021, thanks to the SAR 22.791 million dividends from Saudi Industrial Investment Group Co. for H2 2021 and H1 2022.
Compared to the previous quarter, the company turned profitable from a net loss of SAR 660,000.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Operating Income | (0.56) | (1.06) | (89.1 %) |
| Net Income | 7.14 | 21.01 | 194.3 % |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | 0.48 | 1.40 | 194.3 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Operating Income | (0.71) | (1.06) | (48.2 %) |
| Net Income | (0.66) | 21.01 | 3290.7 % |
| Average Shares | 15.00 | 15.00 | - |
| EPS (Riyals) | (0.04) | 1.40 | 3290.7 % |
Shareholders’ equity, after minority interest, stood at SAR 538.3 million by the end of H1 2022, down from SAR 621.2 million a year earlier.
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