SARCO 2021 net profit falls 51% to SAR 6.6 mln; Q4 loss at SAR 1.6 mln
- Date: 28-Mar-2022
- Source: Argaam
- Sector:Financial Markets
- Country:Saudi Arabia
SARCO 2021 net profit falls 51% to SAR 6.6 mln; Q4 loss at SAR 1.6 mln
Saudi Arabia Refineries Co. (SARCO) reported a 51% drop in net profit after Zakat and tax to SAR 6.6 million in 2021, compared to SAR 13.4 million a year earlier.
The company said that no dividend was distributed for the second half of 2021 by the Saudi Industrial Investment Group (SIIG), an affiliate, adding that a total of SAR 7.59 million was distributed compared to the previous year’s profit at SAR 15.19 million.
The company also cited a decline in its profit share from associates.
In Q4 2021, the company swung to a net loss after Zakat and tax of SAR 1.6 million, against a net profit after Zakat and tax of SAR 7 in Q4 2020.
SARCO posted a net profit of SAR 830,000 in Q3 2021.
Shareholders' equity, after minority interest, rose to SAR 559.5 million in 2021, from SAR 508.3 million a year ago.
View more financial results