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Sarco chairman resigns: The Saudi Arabian Refineries Company (Sarco) announced the resignation of its chairman, Prince Mohammed bin Khalid bin Turki Al Saud, “for personal reasons,” it said in a disclosure to Tadawul yesterday. It also announced the resignation of board member Fahad bin Abdulrahman Al Muakeel, attributing the resignation to Al Muakeel’s “reservation about the company’s work and poor results,” according to a separate disclosure.
Poor results?Sarco reported a 85% y-o-y drop in net income to SAR 2.7 mn in 9M 2023, down from SAR 17.2 mn in the corresponding period a year earlier.
