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Saudi Arabia Refineries Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)

Default Company 2030.O 0.00% 0.00 0.00
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -492,045 -1,021,760 51.84 -1,226,052 59.87
Gross profit (loss) 91,036 -135,449 - 61,132 48.92
Operational profit (loss) -492,045 -876,760 43.88 -976,052 49.59
All figures are in Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) -1,718,097 2,016,294 -
Gross profit (loss) 152,168 7,547,333 -97.98
Operational profit (loss) -1,468,097 2,306,294 -
Earning or loss per share, Riyals -0.11 0.13 -
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 reduction in the loss during the current quarter is due to the increase in the share of the company in the profits of the associates during the current quarter (profit from the contribution to the Arab Tanker Company), as well as the decrease in some items of general and administrative expenses
Reasons of increase (decrease) for period compared with same period last year The reason for the loss is the absence of dividends from the companies invested during the current period
Reasons of increase (decrease) for quarter compared with previous quarter The reason for the reduction in the loss during the current quarter is due to the increase in the share of the company in the profits of the associates during the current quarter (profit from the contribution to the Arab Tanker Company), as well as the decrease in some items of general and administrative expenses
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 as per 30 June 2018 and previous periods , the Company was notified on 26/14 / 1439H corresponding to 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/ The total profit from revenue for the current quarter was SAR 91,036, against to SR 135,449) ) for the same quarter last year

2/The total profit for the current period amounted to SR 152,168, against to SR 7,547,333 for the same quarter last year, with a decrease of 98%.

3/Total shareholders' equity (not minority interest) during the current period amounting to SR 517,405,807 against SR 376,406,414 for the same period last year, with an increase of 37%

4/Total comprehensive income during the current quarter amounting to SR 99,749,687 against to a loss of SR 14,555,227 for the same quarter last year. Total comprehensive income for the previous quarter was SR 51,746,829, with an increase of 93%. Total comprehensive income for the current period amounting to SR 151,496,516 against to SR 14,882,798 for the period Year-on-year with increase of 918%.

5/The Zakat Allowance has not been recognized this quarter and the entire provision will be recognized at the end of the year.

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 forth in Note 3 to provide comparative figures for financial statements adopted in accordance with the requirements of the International Financial Reporting Standards adopted in Saudi Arabia and standards And other publications approved by the Saudi Organization for Certified Public Accountants. For further details, refer to note 3 in the notes to the condensed interim financial statements for the period ended 30 June 2018.

7/ The external auditor reviewed the financial statements and issued a Revised conclusion report.

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