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SARCO board decides to freeze dividends for 2024

Logo of Saudi Arabia Refineries Co. (SARCO)

Saudi Arabia Refineries Co.’s (SARCO) board of directors decided on March 26 to withhold dividends for 2024, according to a statement to Tadawul.

The decision aimed to boost solvency and strengthen the company’s financial position, the statement added.

This recommendation is subject to shareholder approval during the upcoming ordinary general meeting (OGM), the date for which will be determined later after obtaining the approvals of the regulatory authorities.

SARCO swung to a net loss of SAR 53.5 million in 2024, versus a net profit of SAR 7.7 million in 2023, with the fourth quarter losses at SAR 36.5 million, data compiled with Argaam showed.

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