Saudi Arabia Refineries Co. announces the annual financial results for the period ending on 31-12-2017
| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 7,317,568 | -4,042,979 | - |
| Earning or loss per share, Riyals | 0.49 | -0.27 | - |
| Gross profit (loss) | 15,555,573 | -616,653 | - |
| Operational profit (loss) | 8,769,249 | -3,470,472 | - |
| All figures are in Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | The reason for the profit is due to the distribution of the Saudi Industrial Investment Group (Investor Company) profits in 2016 and 2017 with amount of 15,194,480 riyals |
| External auditor's report containing reservation | Basic of conservative opinion: 1/ The Company has investment in equity with one of its affiliate (Arabian Sulphonates Company Limited) and the value of the investment has decreased below its cost during the year ended 31 December 2016 and previous years, which led to reduction in investment value in investee company as shown in (Note 7). 2/ The Investment in one of the associates (Arabian Sulphonates Company Limited) was evaluated based on unaudited financial statements as at 30 June 2017. The Company has filed a lawsuit against the management of Arabian Sulphonates Company Limited (note 7). |
| Reclassifications in annual financial results | Certain comparative figures have been reclassified to conform with the current period presentation. |
| Other notes | 1/The total revenues during the current year amounted to SR 15,555,573 compared to SR (616,653) for the last year. 2/ Total shareholders equity (not minority interest) reached SR 373,409,291 compared to SR 361,523,616 for the last year with an increase of 3% . 3/ The total comprehensive income during the current period amounted to SR 11,885,675 compared to SR 72,616,757 for the same period last year with decrease of 84%. 4/During the current period the Company made a provision for doubtful debts of SR 3,869,066 represents the remaining 50% of the total amount to meet the obligation of local banks to cover the bank guarantees of an affiliate (Note24). 5/ The General Zakat and Income Tax Authority issued Zakwa for the years 2010 to 2016, resulting in an additional Zakawi commitment to the Company amounting to SR 432,657 which was charged to the income statement for the year ended 31 December 2017. The Company's management is currently studying the differences presented by the Authority for previous years to verify the correctness of the amounts paid by the Company and included in the statement of the Authority's differences, )note 18). /6 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 financial statements for the year ended 31 December 2017. |
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