Riyadh – Mubasher: Saudi Aramco Total Refining and Petrochemical Company (SATORP), a subsidiary of Saudi Arabian Oil Company (Saudi Aramco), shifted to net profits after Zakat and tax worth SAR 6.68 billion in the first nine months (9M) of 2022.

SATORP registered positive results in 9M-22 against net losses worth SAR 1.16 billion in the year-ago period, according to the initial income statements.

Meanwhile, the revenues hiked by 111.18% to SAR 59.17 billion in January-September 2022, compared to SAR 28.02 billion during the same period in 2021.

The earnings per share (EPS) stood at SAR 8.11 in 9M-22, versus a loss per share of SAR 1.41 in 9M-21.

During the third quarter (Q3) of 2022, the company also swung to net profits after Zakat and tax worth SAR 2.17 billion, compared to net losses of SAR 130.06 million in Q3-21.

Revenues enlarged by 74.30% to SAR 19.63 billion in Q3-22 from SAR 11.26 billion in Q3-21.

On a quarterly basis, the Q3-22 net profits after Zakat and tax plunged by 29.50% from SAR 3.08 billion in Q2-22, while the revenues declined by 11.54% from SAR 22.19 billion.

In the first half (H1) of 2022, SATORP turned profitable at SAR 4.51 billion, against net losses after Zakat and tax of SAR 1.03 billion during the January-June 2021 period.