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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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)


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 %)

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 - - -


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

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


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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