SARCO announces annual financial results for the year ended 31/12/2012

24/02/2013 07:38 AST

Saudi Arabia Refineries Co. (SARCO) announces the annual financial results for the year ended 31/12/2012

1.The net profit amounted to SR 16,811,306 compared to SR 10,927,690 for the previous year, with an increase of 54%.

2.Earnings per share amounted to SR 1.12 compared to SR 0.73 for the previous year.

3.The gross profit amounted to SR 20,087,454 compared to SR 13,972,059 for the previous year, with an increase of 44%.

4.The operating profit amounted to SR 17,684,642 compared to SR 11,729,143 for the previous year, with an increase of 51%.

5.The reason for the increase in the profit during the current period compared to previous year that the company has received a distributed profit from Saudi Industrial Investment Group Company (Investee Company) amounted to SR 15,194,480 related to the year 2011 and included in the income statement for this year.

6.The following was mentioned in the auditors report: as stated in note No. 4 (b) based on the resolution of extraordinary general assembly meeting 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 the case is still under review by Dewan AL-Mathalem in Jeddah and no final decision was issued in the above case yet.

7. The operating profit of the company represents the Company's share earnings of investee companies and accrued bank deposits revenues for the year 2012

Tadawul