SARCO records 114% increase in Q3 profits

On a quarterly basis, the net profits in Q3-21 were lower by 88%

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri
Riyadh – Mubasher: Saudi Arabia Refineries Company (SARCO) achieved a net profit after Zakat and tax worth SAR 827,940 during the third quarter (Q3) of 2021, a surge of 114% from SAR 386,080 in Q3-20.

On a quarterly basis, the net profits in Q3-21 were lower by 88% than SAR 7.13 million in Q2-21, according to the initial financial results on Tuesday.

SARCO attributed the annual rise in Q3-21 profits to the redemption of SAR 1.52 million provisions.

As for the first nine months of 2021, the company registered a 28% year-on-year (YoY) growth in profits to SAR 8.18 million from SAR 6.38 million.

Earnings per share rose to SAR 0.55 at the end of September 2021, compared to SAR 0.43 in the same period last year.

Revenues increased by 3% YoY to SAR 8.79 million in the January-September 2021 period from SAR 8.52 million.

Source: Mubasher

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