SARCO’s losses down 13% in Q1-20

The drop in losses is attributed to the dividends due for the second half (H2) of 2019 from the Southern Region Cement

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser
Riyadh – Mubasher: Saudi Arabia Refineries Company (SARCO) has achieved SAR 1.1 million in net losses during the first quarter (Q1) of 2020, 13% less than SAR 1.27 million in the same period a year earlier.

The drop in losses is attributed to the dividends due for the second half (H2) of 2019 from the Southern Region Cement Company, an investee company, by SAR 271.4 million, according to a stock exchange statement on Monday.

The losses of the period are ascribed to the lack of dividends due from the Saudi Industrial Investment Group Company, an investee company.

Last year, SARCO registered higher profits by 17.9% at SAR 17.17 million from SAR 14.56 million in 2018.

Source: Mubasher

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