Financial Results : SARCO loses SAR 22.1M in 9M 2025, earns SAR 1.6M in Q3

SARCO loses SAR 22.1M in 9M 2025, earns SAR 1.6M in Q3

06/11/2025 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) reported a net loss of SAR 22.1 million for the first nine months of 2025, compared to a net profit of SAR 17 million in the same period a year earlier.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Operating Income (6.76) (7.34) (8.7 %)
Net Income (17.01) (22.08) (29.8 %)
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyals) 0.13 (0.35) (364.1 %)
EPS (Riyal) (1.13) (1.47) (29.8 %)

The shift to losses was mainly due to lower revenue, driven by a decrease in dividend income from equity investments in the company’s portfolio, alongside higher zakat provisions and increased operating expenses during the period.

 

These factors were partially offset by lower unrealized losses from equity investments and a higher share of profit from associates, particularly from Arabtank Terminals Co. Ltd.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Operating Income (4.04) (3.00) 25.8 %
Net Income (14.39) 1.64 111.4 %
Average Shares 15.00 15.00 -
Earnings Per Share before unusual items (Riyal) 0.31 (0.16) (152.5 %)
EPS (Riyal) (0.96) 0.11 111.4 %

In Q3 2025, SARCO posted a net profit of SAR 1.64 million, compared to a net loss of SAR 14.39 million in Q3 2024. Sequentially, the company also turned profitable from a loss of SAR 25.8 million.

 

Total shareholders’ equity, with no minority interest, stood at SAR 321.39 million by Sept. 30, 2025, down from SAR 379.94 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 %
Q3 2025 - - - - (3.00) 25.8 %


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) (19.01) 4.61 0.31
Q4 2024 (36.48) (824.7 %) (2.43) (25.94) (10.54) (0.70)
Q1 2025 2.08 447.3 % 0.14 3.33 (1.25) (0.08)
Q2 2025 (25.80) (1,166.9 %) (1.72) (24.19) (1.61) (0.11)
Q3 2025 1.64 111.4 % 0.11 4.06 (2.42) (0.16)

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 - - -
Q3 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) 0.59 25.33
Q4 2024 15.00 (3.57) (0.57) 22.90
Q1 2025 15.00 (3.39) (0.61) 23.04
Q2 2025 15.00 (4.97) (0.59) 21.32
Q3 2025 15.00 (3.90) (1.05) 21.43

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
Q3 2025 NEG NEG 2.88


Financial Ratios
Current
Market Cap (M Riyal) 786.75
Enterprise Value (EV) (M Riyal) 501.34
Shares Outstanding ((M)) 15.00
EPS ( Riyal) (TTM) (3.90)
Book Value (BV) ( Riyal) 21.43
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 2.45
Return on Average Assets (%) (TTM) (16.03 )
Return on Average Equity (%) (TTM) (16.70 )
EV/adj EBITDA (39.49)
EV/Revenues -
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Share Price

Saudi Arabia Refineries Co.
52.45
(0.75) (1.41 %)

Saudi Arabia Refineries Co. (SARCO)

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