Saudi Arabia Refineries Co. — Interim / Quarterly Report 2017

May 11, 2017

Saudi Arabia Refineries Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

2030 · 11/05/2017 08:13:51 · Announcement #46963 · View on Saudi Exchange

Saudi Arabia Refineries Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	3,038,053	-	-	-	-
Gross profit (loss)	7,682,782	285,001	2,595.7	-	-
Operational profit (loss)	3,183,053	-	-	-	-
Earning or loss per share, Riyals	0.21	-	-	-	-
All figures are in Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	The reason for the profit is due to distribution of dividends by Saudi Industrial Investment Group (investee company) for the year 2016 of SR 7,597,240.
Reasons of increase (decrease) for quarter compared with previous quarter	The reason for the profit is due to distribution of dividends by Saudi Industrial Investment Group (investee company) for the year 2016 of SR 7,597,240.
External auditor's report containing reservation	Basis for qualified conclusion 1/ The Companys has investment in equity with one of its affiliate and the value of the investment has decreased below its cost during the year ended December 31, 2016 and previous years which led to reduction in investment value in investee company as shown in (Note 9)2/ The investment in Arabian Sulphonates Company Limited (affiliate) was not valued during the period ended March 31, 2017 due to unavailability of unaudited administrative financial statements. The Company has filed a lawsuit against the management of Arabian Sulphonates Company Limited (Note 9).
Reclassifications in quarterly financial results	Certain comparative figures have been reclassified to conform with the current period presentation.
Other notes	1/ Total profit from revenue during the current period amounting to SR 7,682,782 against SR 285,001 for the similar quarter of last year, with an increase of 2,596%. 2/ Total Shareholders equity (no minority interest) during the current period amounting to SR 390,961,640 against SR 271,600,378 for the similar period of last year with an increase of 44%. 3/ During the current period the Company made a provision for doubtful debts of SR 3,769,066 represents the remaining 50% of the total amount to meet the obligation of local banks to cover the bank guarantees of an affiliate (Note12). 4 / Total comprehensive income for the current quarter amounted to SR 29,438,024 compared to a loss of SR 24,806,663 from the same quarter last year, compared to SR 74,513,425 for the previous quarter. a decrease of 60% 5/ The Company has adopted the International Financial Reporting Standards (IFRS) effective 1 January 2017 in accordance with International Financial Reporting Standards (IFRS) as set out in Note 3 to provide comparative figures for financial statements Which have been adopted in accordance with the requirements of the International Financial Reporting Standards adopted in Saudi Arabia and other standards and regulations adopted by the Saudi Organization for Certified Public Accountants. For further details, refer to note 2 (First-time application of IFRS) in the notes to the condensed consolidated interim financial statements for the period ended 31 March 2017.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.