Dubai, UAE – Saudi Aramco Total Refining and Petrochemicals Company (SATORP) has announced a net profit of 9 billion riyals ($2.39 billion) for 2022, against the loss of 907 million riyals in 2021.
In a Tadawul filing, the company said the increase in profit is due to the improved refining and petrochemicals margins and higher throughput compared to 2021.
The company’s revenue increased by 84 percent to 76.84 billion riyals in 2022, compared to 41.71 billion riyals the previous year.
The gross profit increased by more than 3,500 times to 12.57 billion riyals in 2022, compared to 346 million riyals in 2021.
Total share holders’ equity increased 235 times to reach 14.47 billion compared to 4.3 billion in 2021, the bourse statement said.
SATORP is a joint venture between Saudi Aramco and France’s Total Oil Co. to build a 400,000 bpd grass roots, full-conversion refinery with integrated petrochemical production at Jubail II Industrial City in Saudi Arabia.
