Riyadh – Mubasher: Saudi Arabia Refineries (SARCO) on Wednesday reported a 99% year-on-year profit hike in 2018.

The Saudi firm’s net profits rose to SAR 14.56 million last year, from SAR 7.32 million in 2017, according to initial data published on the Saudi Stock Exchange (Tadawul).

The 2018 net profit growth was ascribed to receiving dividends of about SAR 19 million from investing in a firm and increased provision for doubtful debts.

During the fourth quarter of 2018, SARCO’s profits levelled up to SAR 9.37 million in, against SAR 5.64 million in the prior-year period, according to statistics conducted by Mubasher.

it is noteworthy that SARCO reported SAR 7 million in net profits during the third quarter of 2018, raising the company’s profits to SAR 5.44 million in the first nine months of last year.