RIYADH: SATORP, a joint venture between oil giant Saudi Aramco and France’s TotalEnergies, swung into profits of SR9 billion ($2.4 billion) in 2022 as a result of improved refining and petrochemicals margins compared to a year earlier.
The company managed to hit an impressive gross profit of SR12.6 billion in 2022, compared to SR346.8 million reported in the same period a year earlier.
Its sales also almost doubled to nearly SR76.8 billion in 2022, from SR41.7 billion in 2021, according to a bourse filing.
The company’s earnings per share stood at SR10.95 in 2022, compared to a loss per share of SR1.1 during the same period a year earlier.
Formally known as Saudi Aramco Total Refining and Petrochemical Co., SATORP is 62.5 percent owned by Saudi Aramco and 37.5 percent owned by TotalEnergies.
SATORP aspires “to be the Middle East and Asia's leading performer in refining and petrochemicals with a passion for the environment,” according to its official site.
