Riyadh – Mubasher: Saudi Arabia Refineries Company (SARCO) posted a net profit after Zakat and tax of SAR 2.66 million in the first nine months (9M) of 2023, signalling an 84.50% year-on-year (YoY) decline from SAR 17.20 million.
SARCO's earnings per share (EPS) also dropped to SAR 0.18 in 9M-23, compared to SAR 1.15 in 9M-22, as per the preliminary financial statements.
The revenues plummeted by 66.79% YoY to SAR 7.34 million in 9M-23 from SAR 22.11 million.
Positive Turn in Q3 Financial Results
In the third quarter (Q3) of 2023, SARCO reported a net profit after Zakat and tax of SAR 4.40 million, versus a net loss of SAR 3.14 million in Q3-22.
The revenues also improved to SAR 7.35 million in Q3-23, against a negative revenue of SAR 398,250 in Q3-22.
On a quarterly basis, the company turned to net profit in Q3-23 from a net loss of SAR 1.35 million in Q2-23, while it shifted from a negative revenue of SAR 40,457.
It is worth noting that in April 2023, SARCO appointed Khalid Al Qazlan as its CEO.
Meanwhile, in 2022, the Tadawul-listed firm recorded net profits after Zakat and tax worth SAR 28.23 million and revenues of SAR 34.35 million.
