Saudi Arabia Refineries Co. — Earnings Release 2011

Feb 22, 2012

Saudi Arabia Refineries Co. (SARCO) announces the financial results for the year ended 31/12/2011G: .

2030 · 22/02/2012 16:26:37 · Announcement #24292 · View on Saudi Exchange

Saudi Arabia Refineries Co. (SARCO) announces the financial results for the year ended 31/12/2011G: .

1.The net profit amounted to SR 10,927,690 compared with SR 12,270,920 profit for previous year, a decrease of 11%.

2.Earnings per share amounted to SR 0.73 compared with SR 0.82 for the previous year.

3.The gross profit amounted to SR 13,972,059 compared with SR 14,693,840 for the previous year, with a decrease of 5%.

4.The operating profit amounted to SR 11,729,143 compared with SR 13,138,558 for the previous year, with a decrease of 11%.

5.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 .The reason for the decline in the profit for the year 2011 is the decrease in the deposits and investments revenues for the year 2011 and the increase of some items in general and administrative expenses for year 2011 ( mainly , advertisements and board of directors meetings allowances and remunerations).

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 the case is under study by general administration of Dewan AL-Mathalem in Riyadh, and no final decision was issued in the above case yet.

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