Saudi Arabia Refineries Co. — Earnings Release 2013

Feb 23, 2014

Saudi Arabia Refineries Co. announces the annual financial results for the period ending on 31-12-2013

2030 · 23/02/2014 16:09:21 · Announcement #33401 · View on Saudi Exchange

Saudi Arabia Refineries Co. announces the annual financial results for the period ending on 31-12-2013

Element	Current year	Previous year	% Change
Net profit (loss)	15,786	16,811	-6.1
Earning or loss per share, Riyals	1.05	1.12	-
Gross profit (loss)	19,773	20,087	-1.56
Operational profit (loss)	16,806	17,684	-4.96

*All figures are in (Thousands) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	the decrease of the company's shares in the profit of affilated company ( Arabian Sulfantes ) , the increase of certain administrative expenses ( salaries and wages ) and the increase of accrued Zakat
External auditor's report containing reservation	The following was mentioned in the auditors report as stated in note No. 6 (b) based on the resolution of extraordinary general assembly meeting dated 06/04/1426 H corresponding to 14/5/2005 G 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 balance sheet .The final treatment for this amount and the company right recovery will depend on the result of the final settlement. Noting that no final decision was issued in the above case yet.
Reclassifications in annual financial results	Certain last prior period figures have been reclassified to conform with current period presentation.

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