Riyadh - Mubasher: The preliminary financial results of Saudi Arabian Refineries Company (SARCO) revealed that it turned to losses during the third quarter of 2024, compared to net profits recorded by the company in the same quarter last year.

According to the company's financial results today, Thursday, on "Tadawul", the net loss amounted to about 14.4 million riyals, compared to a net profit of 4.40 million riyals for the comparative quarter of last year.

The company attributed the increase in net losses in the current quarter compared to the same quarter of the previous year to an increase in operating expenses, in addition to recording realized losses from the sale of shares, which amounted to 2.42 million riyals during the current quarter, and recording unrealized losses from the revaluation of shares, which amounted to 16.6 million riyals during the current quarter, which were evaluated at fair value through the statement of other comprehensive income in the same quarter of the previous year, and became evaluated at fair value through the statement of profit and loss in the current quarter.

At the level of the company’s profits during the nine-month period of 2024, the net loss amounted to 17 million riyals, compared to 2.66 million riyals, the company’s profits during the same period last year.