SARCO’s 9M 2022 net profit rises to SAR 17.2 mln; Q3 loss at SAR 3.1 mln

08/12/2022 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) reported a net profit after Zakat and tax of SAR 17.2 million for the first nine months of 2022, a year-on-year (YoY) increase of more than two-fold from SAR 8.2 million in the year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Operating Income	(0.38)	(2.29)	(504.8 %)
Net Income	8.19	17.21	110.2 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.55	1.15	110.2 %

This was driven by the fact that dividends of Saudi Industrial Investment Co., an investee firm, amounted to SAR 22.79 million for H2 2021 and H1 2022. Meanwhile, only SAR 7.60 million were paid in dividends for the same period last year.

SARCO incurred a net loss of SAR 3.14 million for Q3 2022, versus a net profit of SAR 827,940 in the prior-year period. This was due to SAR 501,230 losses from Arabtank Terminals Ltd., while recording SAR 2.302 million in Zakat.

On a sequential basis, SARCO turned to losses, from a net profit of SAR 21.01 million in Q2 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Operating Income	1.05	(0.52)	(149.0 %)
Net Income	0.83	(3.14)	(479.3 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	0.06	(0.21)	(479.3 %)

Item	Q2 2022	Q3 2022	Change‬
Operating Income	(1.06)	(0.52)	51.2 %
Net Income	21.01	(3.14)	(115.0 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	1.40	(0.21)	(115.0 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 441.53 million by the end of Sept. 30, 2022, compared to SAR 708.37 million in the prior-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	(0.66)	8.5 %
Q2 2013	-	-	-	-	(0.66)	(79.7 %)
Q3 2013	-	-	-	-	(0.55)	(12.2 %)
Q4 2013	-	-	-	-	(1.27)	(56.5 %)
2013	-	-	-	-	(3.02)	(25.7 %)
Q1 2014	-	-	-	-	(0.80)	(20.5 %)
Q2 2014	-	-	-	-	(0.82)	(24.1 %)
Q3 2014	-	-	-	-	(0.33)	41.2 %
Q4 2014	-	-	-	-	(0.72)	43.3 %
2014	-	-	-	-	(2.67)	11.6 %
Q1 2015	-	-	-	-	(1.02)	(27.1 %)
Q2 2015	-	-	-	-	(0.53)	35.4 %
Q3 2015	-	-	-	-	(0.46)	(40.3 %)
Q4 2015	-	-	-	-	(4.25)	(488.5 %)
2015	-	-	-	-	(6.77)	(153.5 %)
Q1 2016	-	-	-	-	(0.78)	23.1 %
Q2 2016	-	-	-	-	(0.48)	10.7 %
Q3 2016	-	-	-	-	(0.55)	(20.0 %)
Q4 2016	-	-	-	-	(1.05)	75.3 %
2016	-	-	-	-	(2.85)	57.8 %
Q1 2017	-	-	-	-	(4.50)	(475.4 %)
Q2 2017	-	-	-	-	(0.74)	(56.0 %)
Q3 2017	-	-	-	-	(0.49)	10.2 %
Q4 2017	-	-	-	-	(1.05)	0.1 %
2017	-	-	-	-	(6.79)	(137.8 %)
Q1 2018	-	-	-	-	(1.04)	77.0 %
Q2 2018	-	-	-	-	(0.58)	21.3 %
Q3 2018	-	-	-	-	(0.51)	(3.9 %)
Q4 2018	-	-	-	-	(1.04)	1.0 %
2018	-	-	-	-	(3.17)	53.3 %
Q1 2019	-	-	-	-	(0.63)	39.1 %
Q2 2019	-	-	-	-	(0.70)	(19.6 %)
Q3 2019	-	-	-	-	(0.42)	17.1 %
Q4 2019	-	-	-	-	(1.39)	(33.4 %)
2019	-	-	-	-	(3.14)	1.0 %
Q1 2020	-	-	-	-	(0.89)	(41.1 %)
Q2 2020	-	-	-	-	(0.46)	34.4 %
Q3 2020	-	-	-	-	(0.52)	(22.5 %)
Q4 2020	-	-	-	-	(0.92)	33.5 %
2020	-	-	-	-	(2.79)	11.1 %
Q1 2021	-	-	-	-	(0.87)	2.1 %
Q2 2021	-	-	-	-	(0.56)	(22.3 %)
Q3 2021	-	-	-	-	1.05	303.3 %
Q4 2021	-	-	-	-	(0.95)	(3.1 %)
2021	-	-	-	-	(1.33)	52.3 %
Q1 2022	-	-	-	-	(0.71)	18.3 %
Q2 2022	-	-	-	-	(1.06)	(89.1 %)
Q3 2022	-	-	-	-	(0.52)	(149.0 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	(2.40)	(7.1 %)
2013	-	-	-	-	(3.02)	(25.7 %)
2014	-	-	-	-	(2.67)	11.6 %
2015	-	-	-	-	(6.77)	(153.5 %)
2016	-	-	-	-	(2.85)	57.8 %
2017	-	-	-	-	(6.79)	(137.8 %)
2018	-	-	-	-	(3.17)	53.3 %
2019	-	-	-	-	(3.14)	1.0 %
2020	-	-	-	-	(2.79)	11.1 %
2021	-	-	-	-	(1.33)	52.3 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	0.73	14.6 %	0.05	-	0.73	0.05
Q2 2013	14.24	(8.0 %)	0.95	-	14.24	0.95
Q3 2013	1.27	120.9 %	0.08	-	1.27	0.08
Q4 2013	(0.81)	(723.8 %)	(0.05)	-	(0.81)	(0.05)
2013	15.56	(7.4 %)	1.04	-	15.56	1.04
Q1 2014	2.95	303.0 %	0.20	1.00	1.95	0.13
Q2 2014	14.35	0.8 %	0.96	-	14.35	0.96
Q3 2014	7.21	469.2 %	0.48	-	8.21	0.55
Q4 2014	(3.58)	(341.2 %)	(0.24)	1.00	(4.58)	(0.31)
2014	20.93	34.5 %	1.40	1.00	19.93	1.33
Q1 2015	(0.67)	(122.9 %)	(0.04)	-	(0.67)	(0.04)
Q2 2015	16.91	17.8 %	1.13	-	16.91	1.13
Q3 2015	0.10	(98.7 %)	0.01	-	0.10	0.01
Q4 2015	(3.61)	(0.9 %)	(0.24)	-	(3.61)	(0.24)
2015	7.46	(64.3 %)	0.50	-	7.46	0.50
Q1 2016	(0.72)	(7.1 %)	(0.05)	-	(0.72)	(0.05)
Q2 2016	(0.20)	(101.2 %)	(0.01)	-	(0.20)	(0.01)
Q3 2016	(1.30)	(1458.3 %)	(0.09)	-	(1.30)	(0.09)
Q4 2016	(1.82)	49.6 %	(0.12)	-	(1.82)	(0.12)
2016	(4.04)	(154.2 %)	(0.27)	-	(4.04)	(0.27)
Q1 2017	3.04	520.8 %	0.20	-	3.04	0.20
Q2 2017	(1.02)	(416.2 %)	(0.07)	-	(1.02)	(0.07)
Q3 2017	(0.34)	74.2 %	(0.02)	-	(0.34)	(0.02)
Q4 2017	5.64	410.2 %	0.38	-	5.64	0.38
2017	7.32	281.0 %	0.49	-	7.32	0.49
Q1 2018	(1.23)	(140.4 %)	(0.08)	-	(1.23)	(0.08)
Q2 2018	(0.49)	51.9 %	(0.03)	-	(0.49)	(0.03)
Q3 2018	6.91	2149.6 %	0.46	-	6.91	0.46
Q4 2018	9.37	66.0 %	0.62	-	9.37	0.62
2018	14.56	98.9 %	0.97	-	14.56	0.97
Q1 2019	(1.27)	(3.7 %)	(0.08)	-	(1.27)	(0.08)
Q2 2019	10.23	2178.9 %	0.68	-	10.23	0.68
Q3 2019	(0.83)	(112.0 %)	(0.06)	-	(0.83)	(0.06)
Q4 2019	9.04	(3.5 %)	0.60	-	9.04	0.60
2019	17.17	18.0 %	1.14	-	17.17	1.14
Q1 2020	(1.10)	13.1 %	(0.07)	-	(1.10)	(0.07)
Q2 2020	7.10	(30.6 %)	0.47	-	7.10	0.47
Q3 2020	0.39	146.6 %	0.03	-	0.39	0.03
Q4 2020	7.00	(22.6 %)	0.47	-	7.00	0.47
2020	13.38	(22.1 %)	0.89	-	13.38	0.89
Q1 2021	0.22	120.0 %	0.01	-	0.22	0.01
Q2 2021	7.14	0.5 %	0.48	-	7.14	0.48
Q3 2021	0.83	114.5 %	0.06	-	0.83	0.06
Q4 2021	(1.60)	(122.8 %)	(0.11)	-	(1.60)	(0.11)
2021	6.59	(50.7 %)	0.44	-	6.59	0.44
Q1 2022	(0.66)	(397.9 %)	(0.04)	-	(0.66)	(0.04)
Q2 2022	21.01	194.3 %	1.40	-	21.01	1.40
Q3 2022	(3.14)	(479.3 %)	(0.21)	-	(3.14)	(0.21)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	16.81	53.8 %	1.12	-	16.81	1.12
2013	15.56	(7.4 %)	1.04	-	15.56	1.04
2014	20.93	34.5 %	1.40	1.00	19.93	1.33
2015	7.46	(64.3 %)	0.50	-	7.46	0.50
2016	(4.04)	(154.2 %)	(0.27)	-	(4.04)	(0.27)
2017	7.32	281.0 %	0.49	-	7.32	0.49
2018	14.56	98.9 %	0.97	-	14.56	0.97
2019	17.17	18.0 %	1.14	-	17.17	1.14
2020	13.38	(22.1 %)	0.89	-	13.38	0.89
2021	6.59	(50.7 %)	0.44	-	6.59	0.44

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	15.00	1.13	1.13	28.03
Q2 2013	15.00	1.04	1.04	31.35
Q3 2013	15.00	1.09	1.09	31.96
Q4 2013	15.00	1.03	1.03	38.17
Q1 2014	15.00	1.18	1.11	40.50
Q2 2014	15.00	1.18	1.12	42.44
Q3 2014	15.00	1.58	1.58	46.80
Q4 2014	15.00	1.40	1.33	31.83
Q1 2015	15.00	1.15	1.15	29.56
Q2 2015	15.00	1.32	1.32	33.68
Q3 2015	15.00	0.85	0.78	24.46
Q4 2015	15.00	0.85	0.85	19.76
Q1 2016	15.00	0.84	0.84	18.11
Q2 2016	15.00	(0.30)	(0.30)	18.85
Q3 2016	15.00	(0.39)	(0.39)	18.03
Q4 2016	15.00	(0.27)	(0.27)	24.10
Q1 2017	15.00	(0.02)	(0.02)	26.06
Q2 2017	15.00	(0.07)	(0.07)	25.09
Q3 2017	15.00	(0.01)	(0.01)	26.07
Q4 2017	15.00	0.49	0.49	24.49
Q1 2018	15.00	0.20	0.20	27.84
Q2 2018	15.00	0.24	0.24	34.49
Q3 2018	15.00	0.72	0.72	33.03
Q4 2018	15.00	0.97	0.97	28.70
Q1 2019	15.00	0.97	0.97	30.37
Q2 2019	15.00	1.68	1.68	30.67
Q3 2019	15.00	1.17	1.17	28.73
Q4 2019	15.00	1.14	1.14	30.26
Q1 2020	15.00	1.16	1.16	21.84
Q2 2020	15.00	0.95	0.95	25.81
Q3 2020	15.00	1.03	1.03	29.08
Q4 2020	15.00	0.89	0.89	33.89
Q1 2021	15.00	0.98	0.98	39.13
Q2 2021	15.00	0.98	0.98	41.41
Q3 2021	15.00	1.01	1.01	47.22
Q4 2021	15.00	0.44	0.44	37.30
Q1 2022	15.00	0.38	0.38	41.18
Q2 2022	15.00	1.31	1.31	35.89
Q3 2022	15.00	1.04	1.04	29.44

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	15.00	1.12	1.12	27.72
2013	15.00	1.04	1.04	38.17
2014	15.00	1.40	1.33	31.83
2015	15.00	0.50	0.50	19.76
2016	15.00	(0.27)	(0.27)	24.10
2017	15.00	0.49	0.49	24.49
2018	15.00	0.97	0.97	28.70
2019	15.00	1.14	1.14	30.26
2020	15.00	0.89	0.89	33.89
2021	15.00	0.44	0.44	37.30

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	55.02	55.02	2.21
Q2 2013	56.71	56.71	1.89
Q3 2013	54.76	54.76	1.87
Q4 2013	57.13	57.13	1.54
Q1 2014	57.82	61.30	1.68
Q2 2014	62.86	66.61	1.75
Q3 2014	53.67	53.67	1.81
Q4 2014	35.42	37.20	1.55
Q1 2015	49.59	49.59	1.94
Q2 2015	44.18	44.18	1.74
Q3 2015	48.14	52.24	1.67
Q4 2015	48.69	48.69	2.09
Q1 2016	39.60	39.60	1.85
Q2 2016	NEG	NEG	1.85
Q3 2016	NEG	NEG	1.43
Q4 2016	NEG	NEG	1.67
Q1 2017	NEG	NEG	1.30
Q2 2017	NEG	NEG	1.27
Q3 2017	NEG	NEG	1.32
Q4 2017	63.84	63.84	1.27
Q1 2018	More than 100	More than 100	1.47
Q2 2018	More than 100	More than 100	1.34
Q3 2018	56.71	56.71	1.24
Q4 2018	43.07	43.07	1.46
Q1 2019	45.38	45.38	1.45
Q2 2019	22.17	22.17	1.22
Q3 2019	36.82	36.82	1.49
Q4 2019	39.05	39.05	1.48
Q1 2020	27.68	27.68	1.46
Q2 2020	37.20	37.20	1.37
Q3 2020	78.75	78.75	2.79
Q4 2020	More than 100	More than 100	3.10
Q1 2021	More than 100	More than 100	5.00
Q2 2021	More than 100	More than 100	4.21
Q3 2021	More than 100	More than 100	3.43
Q4 2021	More than 100	More than 100	3.69
Q1 2022	More than 100	More than 100	3.05
Q2 2022	69.02	69.02	2.51
Q3 2022	88.48	88.48	3.13

Period	P/E	Adjusted P/E	Price/book
2012	53.98	53.98	2.18
2013	56.64	56.64	1.54
2014	35.42	37.20	1.55
2015	82.98	82.98	2.09
2016	NEG	NEG	1.67
2017	63.87	63.87	1.27
2018	43.08	43.08	1.46
2019	39.05	39.05	1.48
2020	More than 100	More than 100	3.10
2021	More than 100	More than 100	3.69

Financial Ratios

	Current
Market Cap (M Riyal)	1,107.00
Enterprise Value (EV) (M)	771.76
Shares Outstanding ((M))	15.00
EPS ( Riyal) (TTM)	(0.80)
Book Value (BV) ( Riyal)	25.33
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	2.91
Return on Average Assets (%) (TTM)	(2.83 )
Return on Average Equity (%) (TTM)	(2.88 )

Saudi Arabia Refineries Co. (SARCO)

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SARCO’s 9M 2022 net profit rises to SAR 17.2 mln; Q3 loss at SAR 3.1 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

Share Price

Saudi Arabia Refineries Co. (SARCO)

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SARCO’s 9M 2022 net profit rises to SAR 17.2 mln; Q3 loss at SAR 3.1 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

Share Price

Saudi Arabia Refineries Co. (SARCO)

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