Financial Results : SARCO widens loss to SAR 2.7M in H1 2024; Q2 at SAR 2M

SARCO widens loss to SAR 2.7M in H1 2024; Q2 at SAR 2M

04/08/2024 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) increased its loss in H1 2024 to SAR 2.7 million from SAR 1.7 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 0.00 0.00 -
Gross Income 0.00 0.00 -
Operating Income (1.84) (2.72) (47.8 %)
Net Income (1.73) (2.65) (53.1 %)
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) (0.12) (0.18) (53.1 %)
EPS (Riyals) (0.12) (0.18) (53.1 %)

The company posted higher revenues in H1 2024, driven by an increase in the share of its earnings from the associate, Arab Tank Co. This is in addition to higher operating expenses and Zakat provision during the current period.

 

In Q2 2024, the company widened its loss to SAR 2 million from SAR 1.36 million in Q1 2024 on lower revenue due to the distribution of SAR 78.43 million dividends by Southern Cement Co.

 

Compared to the previous quarter, SARCO increased Q2 2024 loss from SAR 60,000.

 



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 0.00 0.00 -
Gross Income 0.00 0.00 -
Operating Income (1.40) (2.02) (44.7 %)
Net Income (1.36) (2.04) (49.9 %)
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) (0.09) (0.14) (49.9 %)
EPS (Riyals) (0.09) (0.14) (49.9 %)

Shareholders’ equity, no minority interest, stood at SAR 415.87 million by the end of H1 2024, down from SAR 491.20 million a year earlier.

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