Saudi Arabia Refineries Co. — Earnings Release 2012

Jul 17, 2012

Saudi Arabia Refineries Co. (SARCO) announces the interim financial results for the period ended 30/06/2012 (six months) (CONTINUED)

2030 · 17/07/2012 18:00:11 · Announcement #26494 · View on Saudi Exchange

Saudi Arabia Refineries Co. (SARCO) announces the interim financial results for the period ended 30/06/2012 (six months) (CONTINUED)

8.Noting that the operating profit of the company represents the Company's share earnings of an investee companies and accrued bank deposits revenues for the period of (six months). The reasons for the increase of the profit during the second quarter of this year compared with the same quarter in the previous year as well as with the first quarter of this year and the increasing of profit during first half of the current year compared with the same period of the previous year that the company got a distributed profit from Saudi Industrial Investment Group Company (investee companies) amounted of SR 15,194,480 due for the year 2011 which recorded in the statement of income for this quarter.

9.Regarding reference made in the observation paragraph of the auditor report As mentioned in note ( 4/b) in the interim financial statements , based on the resolution of extraordinary general assembly meeting it has been decided to cancel the realized gains amounting to SR 2,312,640 resulting from the sale of the companys share in the first increase in the capital of Saudi Industrial Investment Group company and recorded in escrow account under Accruals and other payables in the attached interim balance sheet The final treatment for this amount and the companys recovery right will depend on the result of the final settlement increased by the redeemed shares,. Noting that the case is oversee by Dewan AL-Mathalem in Jeddah no final decision was issued in the above case yet.

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