Saudi Arabia Refineries Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | -1,226,052 | 3,038,053 | - | 5,638,262 | - |
| Gross profit (loss) | 61,132 | 7,682,782 | -99.2 | 7,709,457 | -99.21 |
| Operational profit (loss) | -976,052 | 3,183,053 | - | 6,654,943 | - |
| Earning or loss per share, Riyals | -0.08 | 0.2 | - | - | - |
| 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 loss to a decline in the Companys share of the profits of affiliates during the current quarter (losses in Arab Tanker Terminals LTD) and increase in some general and administrative expenses As well as a determination of the provision for impairment of investment (Arabian Sulfonates Company) |
| Reasons of increase (decrease) for quarter compared with previous quarter | The reason for the loss to a decline in the Companys share of the profits of affiliates during the current quarter compared to the previous quarter (losses in Arab Tanker Terminals LTD) and the company received during the previous quarter its profits due for 2017 from the Saudi Industrial Investment Company (Investor Company) with amount SR 7,597,240 |
| External auditor's report containing reservation | Basis for qualified conclusion The company has investment in equity with one of its affiliate and the value of the investment has decreased below its cost during the period 31 Mar 2018 and previous periods , the Company was notified on 14/03/2018 by judicial decision to dissolve and liquidate the associate company in accordance with Article 181 of the Companies Law , and this led to reduction in investment value in investee company as shown in (Note 5) |
| 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 61,132 against SR 7,682,782 for the similar quarter of last year, with an decrese of 99%. 2/Total Shareholders equity (no minority interest) during the current period amounting to SR 417,656,120 against SR 373,409,291 for the similar period of last year with an increase of 12%. 3/During the current quarter, the provision for impairment of investment has been fully realized at the full carrying amount of the investment as at 31 March 2018 with amount SR 363,006 (note 5) 4/Total comprehensive income during the current quarter amounting to SR 51,746,829, against to SR 29,438,024 for the similar quarter of last year with an increase of 76% , Compared to a loss of SR (17,635,185) for the previous quarter |
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