Saudi Aramco Total Refining and Petrochemical Company turns to over $1bln profits in H1-22

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Riyadh – Saudi Aramco Total Refining and Petrochemical Company (SATORP), a subsidiary of Saudi Arabian Oil Company (Saudi Aramco), turned net profits after Zakat and tax worth SAR 4.51 billion during the first half (H1) of 2022, against net losses of SAR 1.03 billion in H1-21.

Revenues amounted to SAR 39.54 billion in H1-22, a 135.97% year-on-year (YoY) hike from SAR 16.75 billion, according to the initial income statements.

The earnings per share (EPS) stood at SAR 5.47 in the first six months (6M) of 2022, compared to a loss per share of SAR 1.25 during the same period a year earlier.

In the second quarter (Q2) of 2022, SATORP logged net profits after Zakat and tax worth SAR 3.08 billion, versus net losses of SAR 409.82 million in Q2-21.

Meanwhile, the Q2-22 revenues enlarged by 103% YoY to SAR 22.19 billion from SAR 10.93 billion.

During the January-March 2022 period, the petrochemicals manufacturer registered SAR 1.43 billion in net profit after Zakat and tax, compared to net losses of SAR 620.91 million in Q1-21.