Saudi Arabia Refineries Co. — Earnings Release 2012

Apr 17, 2012

Saudi Arabia Refineries Co. (SARCO) announces the interim financial results for the period ended 31/3/2012 (three months)

2030 · 17/04/2012 15:43:14 · Announcement #25269 · View on Saudi Exchange

Saudi Arabia Refineries Co. (SARCO) announces the interim financial results for the period ended 31/3/2012 (three months)

1.The net profit during the first quarter amounted to SR 639,087 compared with SR 751,329 profit for the same quarter of previous year, a decrease of 15% compared with SR 327,522 profit for the previous quarter, with increase of 95%

2.The gross profit during the first quarter amounted to SR 1,425,976 compared with SR 1,636,241 for the same quarter in the previous year, with a decrease of13%

3.The operating profit during the first quarter amounted to SR 699,087 compared with a profit of SR 901,329 for the same quarter in the previous year, with a decrease of 22%

4.Earnings per share during the (three months) amounted to SR 0.043 compared with SR 0.050 for the same period in the previous year.

5.The reason for the decline in the profit of the first quarter for the current year compared with the similar quarter in the previous year is the decrease in the financial results of Arabian Sulfonates (affiliated company )also the reason of the increase in the net profit for the first quarter of this year compared with the fourth quarter of the previous year is the decrease in the provision of Zakat created in 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 three months.

6.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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