SARCO Announces the Interim Financial Results

20/01/2013 07:42 AST

SAUDI ARABIA REFINERIES CO. (SARCO) ANNOUNCES THE INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED 31/12/2012 (TWELVE MONTHS)

1.The net profit during the fourth quarter amounted to SR 54,859 compared with SR 327,522 profit for the same quarter of previous year, with a decrease of 83% compared to SR 572,835 profit for the previous quarter, with a decrease of 90%.

2.The gross profit during the fourth quarter amounted to SR 853,218 compared to SR1, 567,202 for the same quarter in the previous year, with a decrease of 46%.

3.The operating profit during the fourth quarter amounted to SR 54,859 compared to a profit of SR 927,522 for the same quarter in the previous year, with a decrease of 94%.

4.The net profit during the twelve months amounted to SR 16,735,878 compared to SR 10,526,905for the same period in the previous year, with an increase of 59%.

5.Earnings per share during the (twelve months) amounted to SR 1.11 compared to SR 0.70 for the same period in the previous year.

6.The gross profit during the twelve months amounted to SR 20,122,467 compared to SR 13,719,821 for the same period in the previous year, with an increase of 47%.

7.The operating profit during twelve months amounted to SR 17,735,878 compared to SR 11,726,905 for the same period in the previous year, with an increase of 51%.

8.The reason for the decline during the current quarter compared to the same quarter of the previous year that the decreasing of the net profit of the company's share in affiliated companies by 49% .

9.The reason for the increase in the current period compared to the corresponding period of the previous year that the company received a distributed profit from Saudi Industrial Investment Group Company (Investee Company) amounted to SR 15,194,480 due for the year 2011, which included in the income statement for this year

10.The reason for the decrease during the fourth quarter compared with the previous quarter in current year is due to the decrease of the net profits of the company's share in the affiliated companies by 32% as well as the increase of the general and administration expenses by 38% because of the payment made for the Board of Directors committees remuneration and attendance allowances during this quarter.

11.The following was mentioned in the auditors report: as stated in note No. 4 (b) and 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 interim 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.

12. The operating profit of the company represents the Company's share earnings of an investee companies and accrued bank deposits revenues for the period of (twelve months).

Tadawul