Saudi Arabia Refineries Co. — Earnings Release 2019

Mar 12, 2020

Saudi Arabia Refineries Co. announces its Annual Financial Results for the Period Ending on 2019-12-31

2030 · 12/03/2020 16:03:26 · Announcement #57849 · View on Saudi Exchange

Saudi Arabia Refineries Co. announces its Annual Financial Results for the Period Ending on 2019-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	20,983,726	18,226,725	15.126
Gross Profit (Loss)	20,983,726	18,226,725	15.126
Operational Profit (Loss)	17,845,326	15,057,301	18.516
Net Profit (Loss) after Zakat and Tax	17,170,699	14,556,249	17.961
Total Comprehensive Income	34,685,901	70,745,650	-50.97
Total Share Holders Equity (after Deducting Minority Equity)	453,961,971	430,526,070	5.443
Profit (Loss) per Share	1.14	0.97
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Explanation
Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to	The increase in net profit during the current year compared to the previous year is due to the dividends payable for the year 2019 by the Saudi Industrial Investment Group Company (an investee company) in the amount of SAR 22,791,720
Basis of the External Auditor's Opinion	Qualified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	Investments in associate companies include investment in the Arab Company for Sulfonates Ltd. (a company under liquidation) and a decrease in provision for the entire value of the investment has been recorded, and the liquidation work was not completed until the date of December 31, 2019 (Note 6), and we were not able to verify the possible obligations and delay penalties that It may result from the failure of the company to pay the bank guarantee of the associate company, amounting to SR 5.1 million, as shown in Note No. (11), and therefore we were unable to determine any compromises and material effects that might result on the company’s financial statements
Reclassification of Comparison Items	Nothig
Additional Information	During the year, the remaining prepaid expenses of (442,379 riyals) for the fees of the accounting expert's office assigned by the court in Aramco’s case were redeemed to end his mission, which was assigned to him in the calculation of general and administrative expenses (professional and legal fees) for the year 2019, according to international standards.

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