Saudi Arabia Refineries Co. — Earnings Release 2011

Jan 17, 2012

Saudi Arabia Refineries Co. (SARCO) announces the interim financial results for the period ended 31/12/2011 (twelve months)

2030 · 17/01/2012 16:31:58 · Announcement #23662 · View on Saudi Exchange

Saudi Arabia Refineries Co. (SARCO) announces the interim financial results for the period ended 31/12/2011 (twelve months)

1.The net profit during the fourth quarter amounted to SR 327,522 compared with SR 1,193,976 profit for the same quarter of previous year, a decrease of 73% compared with SR 455,490 profit for the previous quarter, with decrease of 28%

2.The gross profit during the fourth quarter amounted to SR 1,567,202 compared with SR 1,430,809 for the same quarter in the previous year, with an increase of 10%

3.The operating profit during the fourth quarter amounted to SR 927,522 compared with a profit of SR 1,193,976 for the same quarter in the previous year, with a decrease of 22%

4.The net profit during the twelve months amounted to SR 10,526,905 compared with 12,147,539 profit for the same period of previous year, with a decrease of 13%

5.Earnings per share during the (twelve months) amounted to SR 0.70 compared with SR 0.81 for the same period in the previous year.

6.The gross profit during the twelve months amounted to SR 13,719,821compared with SR 14,702,821for the same period in the previous year, with a decrease of 7%

7.The operating profit during the twelve months amounted to SR 11,726,905 compared with a profit of SR 13,147,539 for the same period in the previous year, with a decrease of 11%

8.The reason for the decline in the profit of the fourth quarter for the current year compared with the similar quarter in the previous year is the increase in the provision of Zakat with SR 200,000 , the decrease deposits revenues for the year 2011 and the increase of some items in general and administrative expenses (board of directors meetings allowances and remunerations ) Noting that the operating profit of the company represents the Company's share in the investee companies profit and accrued bank deposits revenues

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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