SARCO posts 30% lower profits in Q2 2020

The lower quarterly earnings are due to a decline in the dividends

  
An employee looks on at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Image for illustrative purposes.

An employee looks on at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. Image for illustrative purposes.

REUTERS/Maxim Shemetov
Riyadh – Mubasher: Saudi Arabia Refineries Company’s (SARCO) net profits decreased by 30.55% in the second quarter (Q2) of 2020, reaching SAR 7.103 million, compared with SAR 10.227 million in the same period in 2019.

The lower quarterly earnings are due to a decline in the dividends paid by the Saudi Industrial Investment Group Company, an investor company, for the first half (H1) of 2020 by SAR 7.597 million, according to a bourse filing on Sunday.

Revenue stood at SAR 7.485 million during the period ended 30 June 2020, a drop of 31% when compared to SAR 10.849 million in the year-ago period.

Source: Mubasher

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