SARCO deepens Q1 2024 loss to SAR 599,100

SARCO deepens Q1 2024 loss to SAR 599,100

14/05/2024 Argaam Exclusive

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Saudi Arabia Refineries Co. (SARCO) slid into a deeper loss of SAR 599,100 in Q1 2024, compared to SAR 374,100 in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Operating Income (0.44) (0.68) (53.6 %)
Net Income (0.37) (0.60) (60.1 %)
Average Shares 15.00 15.00 -
EPS (Riyals) (0.02) (0.04) (60.1 %)

The company was hurt by higher operating expenses (OpEx) and Zakat provisions. On the other hand, sales rose on an increase in SARCO’s profit share from associates – mainly ArabTank Terminals Ltd - in Q1 2024.

 

SARCO reported a net loss against a net profit of SAR 5.03 million in Q4 2023, as sales decreased due to the distribution of SAR 7.59 million dividends from Saudi Industrial Investment Group (SIIG) in the previous quarter.

 

Shareholders' equity, no minority interest, reached SAR 447.82 million as of March 31, 2024, from SAR 483.91 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - (1.02) (27.1 %)
Q2 2015 - - - - (0.53) 35.4 %
Q3 2015 - - - - (0.46) (40.3 %)
Q4 2015 - - - - (4.25) (488.5 %)
Q1 2016 - - - - (0.78) 23.1 %
Q2 2016 - - - - (0.48) 10.7 %
Q3 2016 - - - - (0.55) (20.0 %)
Q4 2016 - - - - (1.05) 75.3 %
Q1 2017 - - - - (4.50) (475.4 %)
Q2 2017 - - - - (0.74) (56.0 %)
Q3 2017 - - - - (0.49) 10.2 %
Q4 2017 - - - - (1.05) 0.1 %
Q1 2018 - - - - (1.04) 77.0 %
Q2 2018 - - - - (0.58) 21.3 %
Q3 2018 - - - - (0.51) (3.9 %)
Q4 2018 - - - - (1.04) 1.0 %
Q1 2019 - - - - (0.63) 39.1 %
Q2 2019 - - - - (0.70) (19.6 %)
Q3 2019 - - - - (0.42) 17.1 %
Q4 2019 - - - - (1.39) (33.4 %)
Q1 2020 - - - - (0.89) (41.1 %)
Q2 2020 - - - - (0.46) 34.4 %
Q3 2020 - - - - (0.52) (22.5 %)
Q4 2020 - - - - (0.92) 33.5 %
Q1 2021 - - - - (0.87) 2.1 %
Q2 2021 - - - - (0.56) (22.3 %)
Q3 2021 - - - - 1.05 303.3 %
Q4 2021 - - - - (0.95) (3.1 %)
Q1 2022 - - - - (0.71) 18.3 %
Q2 2022 - - - - (1.06) (89.1 %)
Q3 2022 - - - - (0.52) (149.0 %)
Q4 2022 - - - - (2.76) (189.8 %)
Q1 2023 - - - - (0.44) 37.9 %
Q2 2023 - - - - (1.40) (32.0 %)
Q3 2023 - - - - (1.45) (180.6 %)
Q4 2023 - - - - (3.26) (18.2 %)
Q1 2024 - - - - (0.68) (53.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
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)
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
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
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
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
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)
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)
Q4 2022 11.02 791.0 % 0.73 - 11.02 0.73
Q1 2023 (0.37) 43.2 % (0.02) - (0.37) (0.02)
Q2 2023 (1.36) (106.5 %) (0.09) - (1.36) (0.09)
Q3 2023 4.40 240.1 % 0.29 (0.83) 5.23 0.35
Q4 2023 5.03 (54.3 %) 0.34 - 5.03 0.34
Q1 2024 (0.60) (60.1 %) (0.04) - (0.60) (0.04)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 - - -
Q1 2024 - - -


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2022 15.00 1.88 1.88 29.25
Q1 2023 15.00 1.90 1.90 32.26
Q2 2023 15.00 0.41 0.41 32.75
Q3 2023 15.00 0.91 0.97 30.20
Q4 2023 15.00 0.51 0.57 28.93
Q1 2024 15.00 0.50 0.55 29.85

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2022 38.47 38.47 2.47
Q1 2023 42.08 42.08 2.48
Q2 2023 More than 100 More than 100 2.71
Q3 2023 More than 100 95.15 3.05
Q4 2023 More than 100 More than 100 3.21
Q1 2024 More than 100 More than 100 2.90


Financial Ratios
Current
Market Cap (M Riyal) 1,111.50
Enterprise Value (EV) (M) 776.26
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 2.93
Return on Average Assets (%) (TTM) (2.83 )
Return on Average Equity (%) (TTM) (2.88 )
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Share Price

Saudi Arabia Refineries Co.
74.10
(0.30) (0.40 %)

Saudi Arabia Refineries Co. (SARCO)

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