Riyadh – Mubasher: Saudi Arabia Refineries Company (SARCO) turned profitable in the first quarter of 2017.

The company recorded net profits of SAR 3.04 billion in Q1-17 against SAR 721.78 million losses in Q1-16, according to a bourse filing on Thursday.

Posting profits is due to the distribution of dividends by Saudi Industrial Investment Group (Investee Company) for the year 2016 at a value of SAR 7.6 million.

Gross profits reached SAR 7.68 million in Q1-17 from SAR 285,000 in the same period of the previous year.