Riyadh – Saudi Arabia Refineries Company (SARCO) achieved EGP 7.36 million in net profits after Zakat and taxes during the first half (H1) of 2021, up by 22.7% year-on-year (YoY) from SAR 5.99 million.

The revenues grew by 16.4% to SAR 8.92 million in the six-month period ended 30 June, compared to SAR 7.66 million in the prior-year period, the company said in a bourse disclosure on Tuesday.

The profit growth was ascribed to profits of associates gained by the contribution of Arab Tank Terminal LTD.

As for the second quarter (Q2) of 2021, SARCO's net profits increased by 0.5% YoY to SAR 7.14 million from SAR 7.10 million. Quarter-on-quarter (QoQ), the company's net profits hiked by 3,128.9% from SAR 221,071 in Q1-21.

The revenues grew by 3.3% YoY to SAR 7.73 million in Q2-21 from SAR 7.49 million in Q2-20.

Source: Mubasher

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