Financial Results : SARCO turns to SAR 53.5M loss in 2024; Q4 at SAR 36.5M

SARCO turns to SAR 53.5M loss in 2024; Q4 at SAR 36.5M

27/03/2025 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) swung to a net loss of SAR 53.5 million in 2024, versus a net profit of SAR 7.7 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Operating Income (4.71) (12.55) (166.3 %)
Net Income 7.70 (53.49) (794.5 %)
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) 0.69 (0.57) (182.4 %)
EPS (Riyal) 0.51 (3.57) (794.5 %)

Saudi Arabia Refineries Co. (SARCO) swung to a net loss of SAR 53.5 million in 2024, versus a net profit of SAR 7.7 million in 2023, due to a 92% increase in administrative and general expenses and a 365% surge in Zakat.

 

Worth noting that the increase in the unrealized losses was driven by the revaluation of investments recorded at fair value through profit or loss.

 

Further, SARCO reported lower dividend distributions from investments recorded at fair value through other comprehensive income.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Operating Income (1.43) (5.79) (306.1 %)
Net Income 5.03 (36.48) (824.7 %)
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyal) 0.46 (0.54) (218.3 %)
EPS (Riyal) 0.34 (2.43) (824.7 %)
Q4 2024 net loss stood at SAR 36.5 million, versus a net profit of SAR 5.03 million in Q4 2023.
 
Sequentially, net losses widened from SAR 14.39 million in Q3 2024.
 
Total shareholders’ equity, no minority interest, stood at SAR 343.46 million by Dec. 31, 2024, compared to SAR 434.01 million a year earlier.

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