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Aramco’s SATORP shifts to SAR 9bn profits in 2022

Aramco’s SATORP shifts to SAR 9bn profits in 2022
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SAUDI ARAMCO
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-0.63% 31.75 -0.20

Riyadh – Mubasher: Saudi Aramco Total Refining and Petrochemical Company (SATORP), a unit of Saudi Arabian Oil Company (Aramco), turned profitable at SAR 9.03 billion in 2022.

The recorded profits were against net losses after Zakat and tax valued at SAR 907.88 million in 2021, according to the financial results.

SATORP generated SAR 76.84 billion in revenue as of 31 December 2022, up 84.22% year-on-year (YoY) from SAR 41.71 billion.

Earnings per share (EPS) hit SAR 10.95 last year, versus a loss per share valued at SAR 1.10 in the January-December 2021 period.

In the first nine months (9M) of 2022, SATORP swung to net profits after Zakat and tax amounting to SAR 6.68 billion, compared to net losses worth SAR 1.16 billion in 9M-21