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
Revenues 0.00 0.00 -
Gross Income 0.00 0.00 -
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 (Riyals) 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
Revenues 0.00 0.00 -
Gross Income 0.00 0.00 -
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 (Riyals) 0.46 (0.54) (218.3 %)
EPS (Riyals) 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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Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2015 (0.67) (122.9 %) (0.04) - (0.67) (0.04)
Q2 2015 16.91 17.8 % 1.13 - 16.91 1.13
Q3 2015 0.10 (98.7 %) 0.01 - 0.10 0.01
Q4 2015 (3.61) (0.9 %) (0.24) - (3.61) (0.24)
Q1 2016 (0.72) (7.1 %) (0.05) - (0.72) (0.05)
Q2 2016 (0.20) (101.2 %) (0.01) - (0.20) (0.01)
Q3 2016 (1.30) (1458.3 %) (0.09) - (1.30) (0.09)
Q4 2016 (1.82) 49.6 % (0.12) - (1.82) (0.12)
Q1 2017 3.04 520.8 % 0.20 - 3.04 0.20
Q2 2017 (1.02) (416.2 %) (0.07) - (1.02) (0.07)
Q3 2017 (0.34) 74.2 % (0.02) - (0.34) (0.02)
Q4 2017 5.64 410.2 % 0.38 - 5.64 0.38
Q1 2018 (1.23) (140.4 %) (0.08) - (1.23) (0.08)
Q2 2018 (0.49) 51.9 % (0.03) - (0.49) (0.03)
Q3 2018 6.91 2149.6 % 0.46 - 6.91 0.46
Q4 2018 9.37 66.0 % 0.62 - 9.37 0.62
Q1 2019 (1.27) (3.7 %) (0.08) - (1.27) (0.08)
Q2 2019 10.23 2178.9 % 0.68 - 10.23 0.68
Q3 2019 (0.83) (112.0 %) (0.06) - (0.83) (0.06)
Q4 2019 9.04 (3.5 %) 0.60 - 9.04 0.60
Q1 2020 (1.10) 13.1 % (0.07) - (1.10) (0.07)
Q2 2020 7.10 (30.6 %) 0.47 - 7.10 0.47
Q3 2020 0.39 146.6 % 0.03 - 0.39 0.03
Q4 2020 7.00 (22.6 %) 0.47 - 7.00 0.47
Q1 2021 0.22 120.0 % 0.01 - 0.22 0.01
Q2 2021 7.14 0.5 % 0.48 - 7.14 0.48
Q3 2021 0.83 114.5 % 0.06 - 0.83 0.06
Q4 2021 (1.60) (122.8 %) (0.11) - (1.60) (0.11)
Q1 2022 (0.66) (397.9 %) (0.04) - (0.66) (0.04)
Q2 2022 21.01 194.3 % 1.40 - 21.01 1.40
Q3 2022 (3.14) (479.3 %) (0.21) - (3.14) (0.21)
Q4 2022 11.02 791.0 % 0.73 - 11.02 0.73
Q1 2023 (0.37) 43.2 % (0.02) - (0.37) (0.02)
Q2 2023 (1.36) (106.5 %) (0.09) - (1.36) (0.09)
Q3 2023 4.40 240.1 % 0.29 (0.83) 5.23 0.35
Q4 2023 5.03 (54.3 %) 0.34 (1.83) 6.87 0.46
Q1 2024 (0.60) (60.1 %) (0.04) - (0.60) (0.04)
Q2 2024 (2.04) (49.9 %) (0.14) - (2.04) (0.14)
Q3 2024 (14.39) (427.1 %) (0.96) (16.59) 2.19 0.15
Q4 2024 (36.48) (824.7 %) (2.43) (28.36) (8.12) (0.54)
2024 (53.49) (794.5 %) (3.57) (44.95) (8.54) (0.57)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - (1.02) (27.1 %)
Q2 2015 - - - - (0.53) 35.4 %
Q3 2015 - - - - (0.46) (40.3 %)
Q4 2015 - - - - (4.25) (488.5 %)
Q1 2016 - - - - (0.78) 23.1 %
Q2 2016 - - - - (0.48) 10.7 %
Q3 2016 - - - - (0.55) (20.0 %)
Q4 2016 - - - - (1.05) 75.3 %
Q1 2017 - - - - (4.50) (475.4 %)
Q2 2017 - - - - (0.74) (56.0 %)
Q3 2017 - - - - (0.49) 10.2 %
Q4 2017 - - - - (1.05) 0.1 %
Q1 2018 - - - - (1.04) 77.0 %
Q2 2018 - - - - (0.58) 21.3 %
Q3 2018 - - - - (0.51) (3.9 %)
Q4 2018 - - - - (1.04) 1.0 %
Q1 2019 - - - - (0.63) 39.1 %
Q2 2019 - - - - (0.70) (19.6 %)
Q3 2019 - - - - (0.42) 17.1 %
Q4 2019 - - - - (1.39) (33.4 %)
Q1 2020 - - - - (0.89) (41.1 %)
Q2 2020 - - - - (0.46) 34.4 %
Q3 2020 - - - - (0.52) (22.5 %)
Q4 2020 - - - - (0.92) 33.5 %
Q1 2021 - - - - (0.87) 2.1 %
Q2 2021 - - - - (0.56) (22.3 %)
Q3 2021 - - - - 1.05 303.3 %
Q4 2021 - - - - (0.95) (3.1 %)
Q1 2022 - - - - (0.71) 18.3 %
Q2 2022 - - - - (1.06) (89.1 %)
Q3 2022 - - - - (0.52) (149.0 %)
Q4 2022 - - - - (2.76) (189.8 %)
Q1 2023 - - - - (0.44) 37.9 %
Q2 2023 - - - - (1.40) (32.0 %)
Q3 2023 - - - - (1.45) (180.6 %)
Q4 2023 - - - - (1.43) 48.2 %
Q1 2024 - - - - (0.68) (53.6 %)
Q2 2024 - - - - (2.02) (44.7 %)
Q3 2024 - - - - (4.04) (178.9 %)
Q4 2024 - - - - (5.79) (306.1 %)
2024 - - - - (12.55) (166.3 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
2023 - - -
Q1 2024 - - -
Q2 2024 - - -
Q3 2024 - - -
Q4 2024 - - -
2024 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2015 15.00 1.15 1.15 29.56
Q2 2015 15.00 1.32 1.32 33.68
Q3 2015 15.00 0.85 0.78 24.46
Q4 2015 15.00 0.85 0.85 19.76
Q1 2016 15.00 0.84 0.84 18.11
Q2 2016 15.00 (0.30) (0.30) 18.85
Q3 2016 15.00 (0.39) (0.39) 18.03
Q4 2016 15.00 (0.27) (0.27) 24.10
Q1 2017 15.00 (0.02) (0.02) 26.06
Q2 2017 15.00 (0.07) (0.07) 25.09
Q3 2017 15.00 (0.01) (0.01) 26.07
Q4 2017 15.00 0.49 0.49 24.49
Q1 2018 15.00 0.20 0.20 27.84
Q2 2018 15.00 0.24 0.24 34.49
Q3 2018 15.00 0.72 0.72 33.03
Q4 2018 15.00 0.97 0.97 28.70
Q1 2019 15.00 0.97 0.97 30.37
Q2 2019 15.00 1.68 1.68 30.67
Q3 2019 15.00 1.17 1.17 28.73
Q4 2019 15.00 1.14 1.14 30.26
Q1 2020 15.00 1.16 1.16 21.84
Q2 2020 15.00 0.95 0.95 25.81
Q3 2020 15.00 1.03 1.03 29.08
Q4 2020 15.00 0.89 0.89 33.89
Q1 2021 15.00 0.98 0.98 39.13
Q2 2021 15.00 0.98 0.98 41.41
Q3 2021 15.00 1.01 1.01 47.22
Q4 2021 15.00 0.44 0.44 37.30
Q1 2022 15.00 0.38 0.38 41.18
Q2 2022 15.00 1.31 1.31 35.89
Q3 2022 15.00 1.04 1.04 29.44
Q4 2022 15.00 1.88 1.88 29.25
Q1 2023 15.00 1.90 1.90 32.26
Q2 2023 15.00 0.41 0.41 32.75
Q3 2023 15.00 0.91 0.97 30.20
Q4 2023 15.00 0.51 0.69 28.93
Q1 2024 15.00 0.50 0.68 29.85
Q2 2024 15.00 0.45 0.63 27.73
Q3 2024 15.00 (0.80) 0.43 25.33
Q4 2024 15.00 (3.57) (0.57) 22.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 49.59 49.59 1.94
Q2 2015 44.18 44.18 1.74
Q3 2015 48.14 52.24 1.67
Q4 2015 48.69 48.69 2.09
Q1 2016 39.60 39.60 1.85
Q2 2016 NEG NEG 1.85
Q3 2016 NEG NEG 1.43
Q4 2016 NEG NEG 1.67
Q1 2017 NEG NEG 1.30
Q2 2017 NEG NEG 1.27
Q3 2017 NEG NEG 1.32
Q4 2017 63.84 63.84 1.27
Q1 2018 More than 100 More than 100 1.47
Q2 2018 More than 100 More than 100 1.34
Q3 2018 56.71 56.71 1.24
Q4 2018 43.07 43.07 1.46
Q1 2019 45.38 45.38 1.45
Q2 2019 22.17 22.17 1.22
Q3 2019 36.82 36.82 1.49
Q4 2019 39.05 39.05 1.48
Q1 2020 27.68 27.68 1.46
Q2 2020 37.20 37.20 1.37
Q3 2020 78.75 78.75 2.79
Q4 2020 More than 100 More than 100 3.10
Q1 2021 More than 100 More than 100 5.00
Q2 2021 More than 100 More than 100 4.21
Q3 2021 More than 100 More than 100 3.43
Q4 2021 More than 100 More than 100 3.69
Q1 2022 More than 100 More than 100 3.05
Q2 2022 69.02 69.02 2.51
Q3 2022 88.48 88.48 3.13
Q4 2022 38.47 38.47 2.47
Q1 2023 42.08 42.08 2.48
Q2 2023 More than 100 More than 100 2.71
Q3 2023 More than 100 95.15 3.05
Q4 2023 More than 100 More than 100 3.21
Q1 2024 More than 100 More than 100 2.90
Q2 2024 More than 100 More than 100 2.77
Q3 2024 NEG More than 100 3.24
Q4 2024 NEG NEG 3.15


Financial Ratios
Current
Market Cap (M Riyal) 937.50
Enterprise Value (EV) (M) 630.49
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) (3.39)
Book Value (BV) ( Riyal) 23.04
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 2.71
Return on Average Assets (%) (TTM) (12.46 )
Return on Average Equity (%) (TTM) (12.81 )
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Share Price

Saudi Arabia Refineries Co.
62.50
(1.00) (1.57 %)

Saudi Arabia Refineries Co. (SARCO)

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