Financial Results : SARCO widens H1 2025 loss to SAR 23.7M, SAR 25.8 in Q2

SARCO widens H1 2025 loss to SAR 23.7M, SAR 25.8 in Q2

10/08/2025 Argaam Exclusive

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Saudi Arabian Refineries Co. (SARCO) widened its net loss to SAR 23.7 million in the first half of 2025 from SAR 2.7 million in H1 2024.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Operating Income (2.72) (4.21) (55.1 %)
Net Income (2.65) (23.72) (793.8 %)
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) (0.18) 0.03 117.8 %
EPS (Riyal) (0.18) (1.58) (793.8 %)

Losses deepened during the current period due to lower revenues, as the company reported higher losses resulting from a decline in the market value of shares owned by the company.

 

It also witnessed increased operating expenses (OpEx) and higher Zakat provision.

 

This was partially offset by higher dividend income in H1 2025 from shares owned by the company, as well as an increase in the company’s share of profits from investments in an associate (Arab Tanks Terminals Co.).



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Operating Income (2.02) (1.46) 27.5 %
Net Income (2.04) (25.80) (1,166.9 %)
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyal) (0.14) (0.11) 21.1 %
EPS (Riyal) (0.14) (1.72) (1,166.9 %)

In Q2 2025, losses widened to SAR 25.8 million, from SAR 2.04 million in Q2 2024.

 

Quarter-on-quarter, SARCO swung to a loss from a profit of SAR 2 million in Q1 2025.

 

Shareholders’ equity, no minority interest, stood at SAR 319.75 million by the end of H1 2025, up from SAR 415.88 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q1 2025 - - - - (2.75) (304.4 %)
Q2 2025 - - - - (1.46) 27.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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)
Q1 2025 2.08 447.3 % 0.14 - 2.08 0.14
Q2 2025 (25.80) (1,166.9 %) (1.72) (24.19) (1.61) (0.11)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
Q1 2024 - - -
Q2 2024 - - -
Q3 2024 - - -
Q4 2024 - - -
2024 - - -
Q1 2025 - - -
Q2 2025 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2025 15.00 (3.39) (0.39) 23.04
Q2 2025 15.00 (4.97) (0.36) 21.32

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q1 2025 NEG NEG 2.83
Q2 2025 NEG NEG 3.01


Financial Ratios
Current
Market Cap (M Riyal) 930.00
Enterprise Value (EV) (M Riyal) 647.57
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) (4.97)
Book Value (BV) ( Riyal) 21.32
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 2.91
Return on Average Assets (%) (TTM) (19.65 )
Return on Average Equity (%) (TTM) (20.28 )
EV/adj EBITDA (46.95)
EV/Revenues -
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Share Price

Saudi Arabia Refineries Co.
62.00
0.40 0.65 %

Saudi Arabia Refineries Co. (SARCO)

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