Saudi Arabia Refineries Co. — Earnings Release 2011

Oct 17, 2011

Saudi Arabia Refineries Co. (SARCO) announces the interim financial results for the period ended 30/9/2011 (nine months)

2030 · 17/10/2011 17:44:11 · Announcement #22943 · View on Saudi Exchange

Saudi Arabia Refineries Co. (SARCO) announces the interim financial results for the period ended 30/9/2011 (nine months)

1.The net profit during the third quarter amounted to SR 455,490 compared with 518,734 profit for the same quarter of previous year, a decrease of 12% compared with 8,192,564 profit for the previous quarter, with decrease of 94%.

2.The gross profit during the third quarter amounted to SR 1,525,110 compared with SR 2,237,377 for the same quarter in the previous year, with a decrease of 32%.

3.The operating profit during the third quarter amounted to SR 1,255,490 compared with a profit of SR 1,918,734 for the same quarter in the previous year, with a decrease of 35%.

4.The net profit during the nine months amounted to SR 9,399,383 compared with 9,953,563 profit for the same period of previous year,with a decrease of 6%

5.Earnings per share during the (nine months) amounted to SR 0.627 compared with SR 0.664 for the same period in the previous year.

6.The gross profit during the nine months amounted to SR 12,152,619 compared with SR 13,272,012 for the same period in the previous year, with a decrease of 8%.

7.The operating profit during the nine months amounted to SR 10,799,383 compared with a profit of SR 11,953,563 for the same period in the previous year, with a decrease of 10%.

8.The reason for the decline in the profit of the third quarter and also the period of (nine months) for the current year compared with the similar quarter in the previous year and also the period of (nine months) is the decrease in the financial results of the associated companies and accrued deposits revenues for this quarter.Noting that the operating profit of the company represents the Company's share in the investee companies profit and accrued bank deposits revenues for the period of the nine months.

9.Regarding reference made in the observation paragraph of the auditor report as stated in note No. 4 (b) related to the case of the companys share in the first increase of the capital of a Saudi Industrial Investment Group Company (investee company) we draw attention that in the event that our company won the case the escrow balance amounting to SR 2,312,640 will be refunded to defendant and the company contribution in the Saudi Industrial Investment Group Company will be increased by the redeemed shares, in case of unfavorable decision the amount will be added back to the companys revenues. Noting that no final decision was issued in the above case yet.

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