Saudi Arabian Refineries Company (Sarco) announces the establishment of a subsidiary with a limited liability owned (100%)

ELEMENT LIST EXPLANATION
Announcement Detail Saudi Arabian Refineries Company announces the completion of the issuance of the memorandum of association and commercial registration for its subsidiary company under the name Al-Sado Investment Company (a limited liability company owned 100% by the Saudi Arabian Refineries Company) with a capital of five million Saudi riyals and commercial registration No. 4030475999 and its head office is Jeddah. The company carries out real estate activities, financial activities, financial technology, tourism services, public construction activities, mining and quarrying activities. The company will start providing its services after completing all the establishment work in terms of administrative and technical terms and the necessary licenses.

Saudi Arabia Refineries Co. announces signing a Memorandum of Understanding with Christof Global Impact company

ELEMENT LIST EXPLANATION
Introduction Saudi Arabian Refineries Company “SARCO” announces the signing of two non-binding memoranda of understanding with Christof Global Impact, which took place yesterday evening, Wednesday, Wednesday, during a panel discussion held by the company on renewable energy projects that contribute to reducing carbon emissions.
Memorandum Signing Date 2022-06-22 Corresponding to 1443-11-23
Counterparty Christof Global Impact company
Memorandum Subject The details of the two notes are as follows:

1- A non-binding memorandum of understanding to study investment in partnership with Christof Global Impact in building a refinery to produce biofuel “Biodiesel” carbon negative fuel derived from algae Carbon Negative Algae Oil – Sustainable Fuel Platform, which is expected to be built near the Red Coast on an area of 14 million square meters, bearing in mind that this project will reach a production capacity of 10 million tons of biofuels annually, with an investment in its first phase with a value of up to one billion riyals in partnership with Christof Global Impact, and the annual savings in carbon dioxide will reach about 20 million tons when Project phases completed.

2- A non-binding memorandum of understanding to study the investment, in partnership with Christof Global Impact, in the technology of slop oil to convert waste oil wells, oil from shipping ships, waste of fuel tanks and petroleum materials into low carbon raw materials (reducing carbon emissions). The cost of the first phase of the project is an estimated total amount By about 130 million riyals, it amounts to recycling more than 100,000 tons of Slop Oil and permanently reducing more than 70,000 tons of carbon dioxide annually.

 

The implementation of these projects is linked to the approval of the Ministry of Energy and the completion of the technical and financial studies of the project.

Memorandum Duration Work begins after obtaining the approval of the Ministry of Energy on projects and other government approvals, and completing the technical and financial studies of the project within 30 days.
Related Parties None
Financial Impact The financial impact cannot be determined at this stage, and any significant developments will be announced in due course.
Additional Information Saudi Arabian Refineries Company would like to later convert the non-binding agreements into an actual partnership for the implementation of projects, but this is linked to the approval of the Ministry of Energy on projects and other governmental approvals and the completion of the technical and financial studies of the project.

Saudi Arabian Refineries Company (SARCO) announces its desire to sign a number of non-binding agreements

ELEMENT LIST EXPLANATION
Announcement Detail Saudi Arabian Refineries Company announces its desire to sign a number of non-binding agreements with Christoph Global Impact – Christophe Arabia to implement a number of projects in the Kingdom of Saudi Arabia related to renewable energy, energy mix and carbon emissions reduction. Details of these agreements will be announced later after signature.

Saudi Arabia Refineries Co. announces to Invites its Shareholders to Attend the ( First Meeting ) Ordinary General Assembly Meeting in presence and through modern technology

ELEMENT LIST EXPLANATION
Introduction The Board of Directors of the Saudi Arabian Refineries Company (SARCO) is pleased to invite the honorable shareholders to participate and vote in the Ordinary General Assembly meeting (the first meeting) to be held, God willing, at seven o’clock in the evening on Tuesday 29/11/1443 AH (according to Umm Al-Qura calendar) corresponding to 28/ 06/2022, The Ritz-Carlton, Jeddah, Al-Ezz Hall (https://goo.gl/maps/A62KJQNniYhuJBta7) In presence with the application of the precautionary and preventive measures issued by the competent authorities, and through modern technology means using the Tadawulaty website (www.tadawulaty.com.sa)
City and Location of the General Assembly’s Meeting In presence : Jeddah, The Ritz-Carlton Hotel

Remotely on the link:

https://www.any-meeting.com

URL for the Meeting Location https://goo.gl/maps/A62KJQNniYhuJBta7
Date of the General Assembly’s Meeting 2022-06-28 Corresponding to 1443-11-29
Time of the General Assembly’s Meeting 19:00
Attendance Eligibility Shareholders Registered in the Issuer’s Shareholders Registry in the Depository Centre At the End of the Trading Session Preceding the General Assembly’s Meeting as per Laws and Regulations
Quorum for Convening the General Assembly’s Meeting For this assembly to be valid, the attendance of shareholders representing at least a quarter of the Company’s capital is required, and if the quorum required for holding the first meeting is not available, the second meeting will be held one hour after the end of the period specified for the first meeting, and the second meeting is valid regardless of the number of shares represented.
General Assembly Meeting Agenda 1- Voting on the Board of Directors’ report for the fiscal year ending on December 31, 2021 .

2- Voting on the financial statements for the fiscal year ending on December 31, 2021 .

3- To vote on the auditor’s report for the fiscal year ending on December 31, 2021 .

4- Vote to absolve the members of the Board of Directors from liability for the fiscal year ending December 31, 2021 .

5- Vote on the board of directors’ recommendation to distribute cash dividends for the fiscal year 2021, amounting to (7,500,000 riyals) at a rate of (5%) of the company’s capital at the rate of (50 halalas) for each share owned by the shareholder, provided that the eligibility is for the shareholders who own the company’s shares at the end of the trading day of the meeting The Company’s (fifty-second) Ordinary General Assembly and those registered in the company’s shareholders register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the due date, and the distribution date will be announced later.

6- Vote for the appointment of the external auditor from among the candidates based on the recommendation of the Audit Committee to examine, review and audit the financial statements for the second, third and annual quarters of the fiscal year 2022 AD, and the first quarter of the fiscal year 2023 AD, and determine his fees.

7- Vote on the renewal of the authorization issued to the members of the board regarding obtaining bank loans and the necessary banking facilities, the mortgage contract, and the provision of in-kind guarantees, whether movable or immovable, owned by the company, in order to facilitate the company’s business and achieve its purposes. On the text of Article (24) of the company’s articles of association.

8- To vote on the Board of Directors’ decision to appoint Eng. Abdulrahman bin Ayed Al-Dahasi (independent member) to the Board of Directors starting from the date of his appointment on February 3, 2022 to complete the current Board session, which ends on April 30, 2024 AD, succeeding the previous member, Mr. Suleiman bin Saad Al-Hamid (non-executive). ) (CV attached).

9- Voting on the Board of Directors’ decision to appoint Mr. Muhammad bin Nawaf Al-Harbi (independent member) to the Board of Directors starting from the date of his appointment on February 3, 2022 to complete the current Board session, which ends on April 30, 2024 AD, succeeding the previous member Dr. / Ali bin Saleh Khabti (Non-Executive) (Attached is a CV).

10- Vote on amending the remuneration policy of the Board of Directors, its committees and the executive management (attached).

E-Vote Shareholders registered in the Tadawulati services can vote on the items of the assembly starting from ten o’clock on Saturday 26/11/1443 AH corresponding to 25/06/2022 until the end of the time of the Ordinary General Assembly meeting using link (www.tadawulaty.com.sa)
Eligibility for Attendance Registration and Voting Eligibility for Registering the Attendance of the General Assembly’s Meeting Ends upon the Convenience of the General Assembly’s Meeting. Eligibility for Voting on the Business of the Meeting Agenda Ends upon the Counting Committee Concludes Counting the Votes
Method of Communication In the event of an inquiry, we hope to contact the Shareholders Relations Department at:

phone : 0126517014 OR

Email : info@almasafi.com.sa

Additional Information The company would like to assure the attending shareholders that the procedures for verifying the health status will be applied in the application of our trust before entering the meeting place, and the obligation to wear a mask in closed places.

 

 

Saudi Arabia Refineries Co. announces its Interim Financial Results for the Period Ending on 2022-03-31 ( Three Months )

ELEMENT LIST CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR %CHANGE PREVIOUS QUARTER % CHANGE
Sales/Revenue 28,498 1,190,427 -97.606 -611,771
Gross Profit (Loss) 28,498 1,190,427 -97.606 -611,771
Operational Profit (Loss) -684,087 317,799 -1,563,206 -56.238
Net Profit (Loss) after Zakat and Tax -658,446 221,071 -1,594,965 -58.717
Total Comprehensive Income 58,155,299 78,554,863 -25.968 -148,833,670
All figures are in (Actual) Saudi Arabia, Riyals

 

ELEMENT LIST CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR %CHANGE
Total Share Holders Equity (after Deducting Minority Equity) 617,690,117 586,879,140 5.249
Profit (Loss) per Share -0.04 0.01
All figures are in (Actual) Saudi Arabia, Riyals

 

ELEMENT LIST EXPLANATION
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason for realizing the loss during the current quarter compared to the same quarter of the previous year is due to the decrease in: investment income and also decrease in the company’s share of the profits of associate companies during the current quarter (the loss of the shareholding in the Arab Tankers Company).
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The reason for the decrease in the loss during the current quarter compared to the previous quarter is due to the increase in investment income and the decrease in the shareholding loss in the Arab Tankers Company (the company’s share of the profits of associates).
Statement of the type of external auditor’s report Unmodified conclusion
Reclassification of Comparison Items Nothing

The Saudi Arabian Refineries Company announces its financial results for the period ending on 31-12-2021

ELEMENT LIST CURRENT YEAR PREVIOUS YEAR %CHANGE
Sales/Revenue 8,178,451 16,825,460 -51.392
Gross Profit (Loss) 8,178,451 16,825,460 -51.392
Operational Profit (Loss) 5,319,670 14,035,802 -62.099
Net Profit (Loss) after Zakat and Tax 6,592,233 13,380,263 -50.731
Total Comprehensive Income 62,460,541 69,362,306 -9.95
Total Share Holders Equity (after Deducting Minority Equity) 559,534,818 508,324,277 10.074
Profit (Loss) per Share 0.44 0.89


The decrease in net profit during the current year 2021 compared to the previous year 2020 is due to:

1- No distribution of the profits due for the second half of the year 2021 from the Saudi Industrial Investment Group Company (a company in which it is invested), where an amount of 7,597,240 riyals was distributed compared to the profits of the previous year in the amount of 15,194,480 riyals.

2- A decrease in the company’s share of the associate’s profits during the current year (profits from the shareholding in the Arab Tankers Company).

Saudi Arabia Refineries Co. Announces the distribution of cash dividend For Year 2021

The Board of Directors of the Saudi Arabian Refineries Company (SARCO) recommended in its meeting held on Wednesday 20/08/1443 AH corresponding to 23/03/2022, and the recommendation resolution was signed on Thursday 08/21/1443 AH corresponding to 03/24/2022 to the Ordinary General Assembly The fifty two to pay cash dividends for the fiscal year 2021 AD to shareholders.

The total amount distributed is 7,500,000 riyals, the number of shares entitled to dividends is 15 million shares, and the share of the share from the distribution is 50 Halalas, which is 5%.

The eligibility for profits is for the shareholders who own the company’s shares at the end of trading on the day of the (fifty-second) Ordinary General Assembly, which will be announced later, and who are registered in the company’s shareholders register with the Securities Depository Center Company (Edaa) at the end of the second day following the due date.

The agenda and venue of the assembly will be announced later, after obtaining the approval of the competent authorities.

The company calls on all valued shareholders to update their data and to ensure that their bank account numbers are linked with their investment portfolios. The company also hopes that its valued shareholders, who hold certificates, quickly deposit them in their investment portfolios, or review the company’s shareholder affairs official to ensure that their due profits are deposited directly into their accounts.

Saudi Arabia Refineries Co. Regarding the reappointment of the Chairman and Vice-Chairman and the re-formation of the Board’s committees for the current session

The members of the Board of Directors meet on Thursday 02/07/1443 AH corresponding to 03/02/2022 AD and deliberated over the re-formation of the members of the Board and its affiliated committees. The decisions were signed on Thursday 02/07/1443 AH corresponding to 03/02/2022 AD according to the following:

First: Re-elect the Chairman and Vice-Chairman as follows: –

1- The appointment of Eng. Aiad Mohammad Mesheikh (independent) as Chairman of the Board Directors

2- Appointing Eng. Hattan Hamed Al-Shanbari (Non-Executive) as Vice Chairman of the Board of Directors.

Second: Re-formation of the Nominations and Remunerations Committee for the current session, which ends on 30/04/2024.

Third: Re-formation of the Investment Committee for the current session, which ends on 30/04/2024.

Fourth: Re-formation of the Social Responsibility Committee for the current session, which ends on 30/04/2024.

Fifth: The company’s representatives at the Capital Market Authority and the Saudi Stock Exchange Company (Tadawul) have been reappointed for all purposes related to the app.

Saudi Arabia Refineries Co. Announces Appointment of two Board Members

The Saudi Arabian Refineries Company (SARCO) announces the appointment of two independent members to its board of directors to complete the current board session, which ends on 30/04/2024 AD, according to the minutes of the Board of Directors issued on 02/07/1443 AH corresponding to 03/02/2022 AD, and the names of the two members are:

1- Eng. Abdul Rahman Ayed Al Dahasi (independent member)

2- Mr. Muhammad Nawaf Al-Harbi (independent member)

ELEMENT LIST EXPLANATION
Appointed Member Name Eng. Abdul Rahman Ayed Al Dahasi
Membership Type Independent
Membership Start Date 2022-02-03 Corresponding to 1443-07-02
Brief Resume of the Appointed Member Eng. Abdul Rahman Ayed Al Dahasy is currently the Senior Manager of the Investment and Business Development Portfolio at the National Housing Company. He holds a master’s degree in urban design and has experience in a number of engineering fields. The Board of Directors welcomes his membership in the Council, thanking him for success in his new duties and responsibilities

 

ELEMENT LIST EXPLANATION
Appointed Member Name Mr. Mohammad Nawaf Al-Harbi
Membership Type Independent
Membership Start Date 2022-02-03 Corresponding to 1443-07-02
Brief Resume of the Appointed Member Mr. Mohammed Nawaf Al-Harbi currently occupies the position of Executive Director of the Taraf Investment Company. He holds a master’s degree in finance and accounting and a general certificate for dealing in securities. He has experience in financial and investment consultancy, and the Board of Directors welcomes his joining the membership of the Board, thanking him for success in his new duties and responsibilities.

 

ELEMENT LIST EXPLANATION
Date of Board Meeting in which Appointed New Member(s) were Appointed 2022-02-03 Corresponding to 1443-07-02
Board Approval Board Approval May not be Deemed Final, this Appointment Shall Be Put before the First General Assembly Meeting for Approval

Saudi Arabia Refineries Co. Announces Resignation of a Managing Director

The Saudi Arabian Refineries Company (SARCO) announces that its board of directors has accepted the resignation submitted by Mr. Fahad Abdul Rahman Al-Meakel (Member of the Board of Directors) from the position of Executive Manager, according to the minutes of the Board of Directors issued on 02/07/1443 AH corresponding to 03/02/2022 AD, provided that the resignation is Valid from the date of the record.

The members of the Board of Directors of the Saudi Arabian Refineries Company (SARCO) extend their thanks and appreciation to Mr / Fahd Abdul Rahman Al-Meyakel for his efforts in managing the company in the previous period, wishing him success. The Board of Directors will later appoint an executive manager for the company.

ELEMENT LIST EXPLANATION
Name of the Resigned CEO Fahad Abdul Rahman Al-Meakel
Resignation Acceptance Date 2022-02-03 Corresponding to 1443-07-02
Resignation Effective Date 2022-02-03 Corresponding to 1443-07-02
Reasons for Resignation for personal reasons

Saudi Arabia Refineries Co. Announces Resignation of a Board Member

The Saudi Arabian Refineries Company (SARCO) announces that its Board of Directors has accepted the resignation of Board Member, Dr. Ali bin Saleh Khabti, (non-executive) from his membership in the Board of Directors and its committees for the current session,, WHICH BEGAN ON 01/05/2021 AND ENDS ON 30/04/2024 AD, IN THE MINUTES OF THE BOARD OF DIRECTORS ISSUED BY PASSING ON 23/06/1443 AH CORRESPONDING TO 26/01/2022 , PROVIDED THAT THE RESIGNATION IS VALID FROM ITS DATE.

The members of the Board of Directors of the Saudi Arabian Refineries Company Sarco extend their thanks and appreciation to Dr. Ali bin Saleh Khabti for his efforts in managing the company in the previous period, wishing him success.

ELEMENT LIST EXPLANATION
Resigned Member Name Dr. Ali bin Saleh Khabti
Membership Type Non- Executive
Resignation Submission Date 2022-01-25 Corresponding to 1443-06-22
Resignation Acceptance Date 2022-01-26 Corresponding to 1443-06-23
Resignation Effective Date 2022-01-26 Corresponding to 1443-06-23
Membership Starting Date for the Resigned Member 2021-05-01 Corresponding to 1442-09-19
Reasons of Resignation for his own circumstances

Saudi Arabia Refineries Co. Announces Resignation of a Board Member

THE SAUDI ARABIAN REFINERIES COMPANY (SARCO) ANNOUNCES THAT ITS BOARD OF DIRECTORS HAS ACCEPTED BY THE MAJORITY THE RESIGNATION OF THE CHAIRMAN OF THE BOARD OF DIRECTORS, MR. SULAIMAN BIN SAAD AL-HAMEED, A MEMBER OF THE BOARD OF DIRECTORS (NON-EXECUTIVE) FROM HIS MEMBERSHIP IN THE BOARD OF DIRECTORS AND ITS COMMITTEES FOR THE CURRENT SESSION, WHICH BEGAN ON 01/05/2021 AND ENDS ON 30/04/2024 AD, IN THE MINUTES OF THE BOARD OF DIRECTORS ISSUED BY PASSING ON 22/06/1443 AH CORRESPONDING TO 25/01/2022 , PROVIDED THAT THE RESIGNATION IS VALID FROM ITS DATE.

THE MEMBERS OF THE BOARD OF DIRECTORS OF THE SAUDI ARABIAN REFINERIES COMPANY SARCO EXTEND THEIR THANKS AND APPRECIATION TO MR. SULEIMAN BIN SAAD AL-HAMEED FOR HIS EFFORTS IN MANAGING THE COMPANY IN THE PREVIOUS PERIOD, WISHING HIM SUCCESS AND PAYMENT.

ELEMENT LIST EXPLANATION
Resigned Member Name SULAIMAN BIN SAAD AL-HAMEED
Membership Type Non- Executive
Resignation Submission Date 2022-01-24 Corresponding to 1443-06-21
Resignation Acceptance Date 2022-01-25 Corresponding to 1443-06-22
Resignation Effective Date 2022-01-25 Corresponding to 1443-06-22
Membership Starting Date for the Resigned Member 2021-05-01 Corresponding to 1442-09-19
Reasons of Resignation for his own circumstances

Saudi Arabia Refineries Co. announces its Interim Financial Results for the Period Ending on 30-09-2021 ( Nine Months )

 

 

Element List Current Quarter Similar Quarter For Previous Year Change% Previous Quarter %Change
Sales/Revenue (130,399) 864,130 0 7,730,194 0
Gross Profit (Loss) (130,399) 864,130 0 7,730,194 0
Operational Profit (Loss) (606,393) 345,937 0 7,171,470 0
Net Profit (Loss) after Zakat and Tax 827,940 386,080 114.447 7,138,187 (88.401)
Total Comprehensive Income 78,153,581 48,979,876 59.562 45,585,767 71.442
All figures are in (Actual) Saudi Arabia, Riyals

 

Element List Current Quarter Similar Quarter For Previous Year Change%
Sales/Revenue 8,790,222 8,525,435 3.105
Gross Profit (Loss) 8,790,222 8,525,435 3.105
Operational Profit (Loss) 6,882,876 6,657,503 3.385
Net Profit (Loss) after Zakat and Tax 8,187,198 6,385,188 28.221
Total Comprehensive Income 211,294,211 (2,763,460)
Total Share Holders Equity (after Deducting Minority Equity) 708,368,488 436,198,511 62.395
Profit (Loss) per Share 0.55 0.43
All figures are in (Actual) Saudi Arabia, Riyals

 

Element List Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason for the increase in profit during the current quarter compared to the same quarter of the previous year is due to the redemption of provisions that were no longer intended (the bank guarantee of the Arab Sulfonate Company) in the amount of 1,529,119 riyals.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The reason for the decrease in profit during the current quarter compared to the previous quarter is due to the company receiving in the previous quarter to the dividends due for the first half of 2021 from the Saudi Industrial Investment Group Company (an invested company) amounting to 7,597,240 riyals.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The reason for the increase in net profit during the current period compared to the same period of the previous year is due to the redemption of provisions that were no longer intended (the bank guarantee of the Arab Sulfonate Company) in the amount of 1,529,119 riyals, and also the increase in the company’s share of the profits of the associate company during the current period (profits from the contribution to the Arab Tanker Company).
Statement of the type of external auditor’s report Emphasis of matter
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion We draw attention to the stated in note (19) to the interim condensed financial statements, in respect of the fiftieth ordinary general assembly of the shareholders of the company dated April 21, 2021 (corresponding to Ramadan 9, 1442 H), the following resolutions have been made:
– Non-approval of the Board of Directors report and the financial statements for the financial year ended December 31, 2020, and the auditor’s report, as well as not exonerating the Board of Directors’ members from liability for the year 2020.
The company’s management believes that there is no need for a new ordinary general assembly to be held for shareholders because the reason for non-approval was due to the fact that the percentage of voting in the general assembly was the majority for those abstaining from voting. Our opinion has not been modified accordingly.
Reclassification of Comparison Items Nothing
additional information During the current period, the bank guarantee of the Arab Sulfonate Company Ltd. was settled with the Saudi British Bank (SABB), as the bank absolved the Saudi Arabian Refineries Company of any future claims related to the guarantee.

 

 

The following is the financial report for the third quarter of 2021:

Saudi Arabian Refineries Company (SARCO) announces administrative changes in the executive management

 

Element List Explanation
Announcement Detail Saudi Arabian Refineries Company (SARCO) announces the approval of its board of directors, at its meeting on October 20, 2021 to choose Mr. Maqid Ibrahim Al-Otaibias the managing director of the company and change his member to an executive member instead of Eng. Hattan bin Hamed Al-Shanbari Al-Sharif due to his part-time work, and his member will be changed to an non-executive member, starting from the date of October 21, 2021.

An announcement from the Saudi Arabian Refineries Company (SARCO) regarding the subscription of the International Water and Energy Works Company (ACWA Power)

 

Element List Explanation
Introduction The Saudi Arabian Refineries Company subscribed to the International Water and Energy Works Company (ACWA Power) when the company offered part of its shares.
Additional Information The Saudi Arabian Refineries Company (SARCO) has subscribed to the International Water and Energy Works Company (ACWA Power). The company acquired 155 shares

An announcement from the Saudi Arabian Refinery Company (SARCO) regarding the sale of its shareholding in Tabuk Cement Company

 

Element List Explanation
Introduction An announcement from the Saudi Arabian Refinery Company (SARCO) regarding the sale of its shareholding in Tabuk Cement Company.
Additional Information The Saudi Arabian Refineries Company (SARCO) has sold its 128,571 shares in Tabuk Cement Company, and the company will invest in other companies.

Saudi Arabia Refineries Co. announces its Interim Financial Results for the Period Ending on 30-06-2021 ( Six Months )

 

 

Element List Current Quarter Similar Quarter For Previous Year Change% Previous Quarter %Change
Sales/Revenue 7,730,194 7,485,340 3.271 1,190,427 549.363
Gross Profit (Loss) 7,730,194 7,485,340 3.271 1,190,427 549.363
Operational Profit (Loss) 7,171,470 7,028,095 2.04 317,799 2,156.605
Net Profit (Loss) after Zakat and Tax 7,138,187 7,103,470 0.488 221,071 3,128.911
Total Comprehensive Income 45,585,767 74,564,032 (38.863) 78,554,863 (41.969)
All figures are in (Actual) Saudi Arabia, Riyals

 

Element List Current Quarter Similar Quarter For Previous Year Change%
Sales/Revenue 8,920,621 7,661,305 16.437
Gross Profit (Loss) 8,920,621 7,661,305 16.437
Operational Profit (Loss) 7,489,269 6,311,566 18.659
Net Profit (Loss) after Zakat and Tax 7,359,258 5,999,108 22.672
Total Comprehensive Income 124,140,630 (51,743,336)
Total Share Holders Equity (after Deducting Minority Equity) 621,214,907 387,218,635 60.43
Profit (Loss) per Share 0.49 0.40
All figures are in (Actual) Saudi Arabia, Riyals

 

Element List Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is During the current quarter, compared with the same quarter of the previous year to achieve a profit of associates during the current quarter (won the contribution of Arab Tank Terminal LTD).
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The reason for increased profit during the current quarter is due to dividends due from the first half of 2021 from Saudi Group for Industrial Investment (Investor Company) for SR 7,597,240
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The cause of the rise in net profit during the current period compared with the same period last year to achieve a profit of associates during the current period (won the contribution of Arab Tank Terminal LTD).
Statement of the type of external auditor’s report Qualified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion We were unable to verify the amount of fines delays and fees that may result from the company default to pay the bank guarantee on behalf of the associate, amounting to SR 5,1 million, as stated in Note (10), therefore, we were unable to determine the adjustments and material effects that may result from it on the financial statements of the company.
Reclassification of Comparison Items Nothing

 

 

The following is the financial report for the second quarter of 2021:

Saudi Arabian Refineries Company announces the results of the Ordinary General Assembly meeting (second meeting)

 

Element List Explanation
Introduction Saudi Arabian Refineries Company (SARCO) announces the results of the Ordinary General Assembly meeting (second meeting), which was held on Tuesday 05/11/1442 AH corresponding to 15/06/2021 through modern technology (remotely), according to the circular of the Capital Market Authority The judge is satisfied with holding the assemblies of the listed joint-stock companies via modern technology remotely and suspending their holding in presence until further notice, as the quorum for the second meeting was completed with an attendance rate of 3.26%, as the legal quorum for the second meeting is the attendance of any number of the company’s shares.
City and Location of the General Assembly’s Meeting Through modern technology means from the company’s headquarters in Jeddah, through the Tadawulaty website.
Date of the General Assembly’s Meeting 2021-06-15 Corresponding to 1442-11-05
Time of the General Assembly’s Meeting 20:00
Percentage of Attending Shareholders 3.26 %
Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees The meeting of the General Assembly was attended by means of modern technology, the following members of the Board of Directors are:

1- Suliman bin Saad Al-Hamid (Chairman Board of Directors)
2- Eng. Hattan bin Hamed Al-Sharif (Member of the Board of Directors – Managing Director(
3- Mr. Fahd bin Abdulrahman Al-Maikael (Member of the Board of Directors – Executive Director)
4- Dr. Ali bin Saleh Khabti (Member of the Board of Directors)
5- Mr. Yasser bin Suleiman Al-Aqeel (Member of the Board of Directors – Head of the Audit Committee)
6- Mr. Maqd bin Ibrahim Al-Otaibi (Member of the Board of Director- Hea(

The following members of the Board of Directors were absent from attending the General Assembly meeting:
1- Eng. Aiad bin Mohammad Msheikh (Vice Chairman Board of Directors)
2- Prince Mohammad bin Khalid bin Turki Al-Saud (Member of the Board of Directors )

Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Members of such Committees Attending on Their Behalf 1- Yasser bin Suleiman Al-Aqeel (Head of the Audit Committee)
2- Maqdat bin Ibrahim Al-Otaibi (Head of the Investment Committee)
Voting Results on the Items of the General Assembly’s Meeting Agenda’s
1-Approval of the formation of the Audit Committee and defining its tasks, work controls, and remunerations of its members for the new session, starting from the date of the General Assembly meeting 15/06/2021 until the end of the session on 30/04/2024, noting that the candidates (attached with their resumes) are:

• Mr. Yasser bin Suleiman Al-Aqeel – Member of the Board of Directors – Independent (Chairman of the Committee).
• Mr. Khalid bin Abdulaziz Al-Hoshan – Member outside the Board – Independent.
• Mr. Basem bin Adnan Abu Al-Faraj – Member outside the council – independent.

Saudi Arabian Refineries Company (SARCO) announces the date of the start of the electronic vote on the items of the Ordinary General Assembly meeting the first meeting by means of modern technology (reminder announcement)

 

Element List Explanation
Announcement Detail Reference to the announcement of the Saudi Arabian Refineries Company (SARCO) on 07/10/1442 AH corresponding to 19/05/2021 regarding the invitation to attend the Ordinary General Assembly meeting (the first meeting) to be held, God willing, at 7:00 pm on Tuesday 05/11/1442 AH corresponding to 15/06/2021 through modern technology means, within the support of preventive and precautionary efforts and measures by the competent and relevant health authorities to address the emerging corona virus (COVID-19), and as an extension of the continuous efforts made by all government agencies in the Kingdom of Saudi Arabia in Take the necessary preventive measures to prevent its spread.


Accordingly, the company would like to remind its valued shareholders registered in Tadawulaty services of the possibility of remote electronic voting on the items of the Ordinary General Assembly meeting starting from ten in the morning on Saturday 02/11/1442 AH corresponding to 12/06/2021 until the end of the time of the Ordinary General Assembly meeting. Registration and voting for Tadawulaty services will be free and available to all shareholders through the following link: (www.tadawulaty.com.sa).


In the event of an inquiry, we hope to contact the Shareholders Relations on :
phone: 0126517016
email : info@almasafi.com.sa

Saudi Arabia Refineries Co. announces to Invites its Shareholders to Attend the ( First Meeting ) Ordinary General Assembly Meeting by means of modern technology

 

Element List Explanation
Introduction The Board of Directors of the Saudi Arabian Refineries Company (SARCO) is pleased to invite the shareholders to participate and vote in the Fifty-first Ordinary General Assembly meeting (the first meeting), which is scheduled to be held, God willing, at exactly seven o’clock in the evening on Tuesday 05/11/1442 AH corresponding to 15/06/2021 At the company’s headquarters in Jeddah, by means of modern technology through the Tadawulati website (www.tadawulaty.com.sa), in the interest of the safety of shareholders and within the support of preventive and precautionary efforts and measures by the competent and relevant health authorities to address the emerging corona virus (COVID- 19), and an extension of the continuous efforts made by all government agencies in the Kingdom of Saudi Arabia to take the necessary preventive measures to prevent its spread.
City and Location of the General Assembly’s Meeting From the company’s headquarters in Jeddah, by using modern technology means (using Tadawulaty website).
URL for the Meeting Location https://www.tadawulaty.com.sa
Date of the General Assembly’s Meeting 05/11/1442 corresponding to 15/06/2021
Time of the General Assembly’s Meeting 19:00
Attendance Eligibility Each shareholder who is registered in the Company’s shareholders register at the Depository Center at the end of the trading session preceding the assembly meeting has the right to register the electronic attendance and vote using Tadawulaty system at the assembly meeting, according to the rules and regulations. Note that the eligibility to register attendance at the assembly meeting ends at the time of the assembly, and the right to vote on the assembly’s items for the attendees ends when the counting committee finishes counting the votes.
Quorum for Convening the General Assembly’s Meeting For this assembly to be valid, the attendance of shareholders representing at least a quarter of the Company’s capital is required, and if the quorum required for holding the first meeting is not available, the second meeting will be held one hour after the end of the period specified for the first meeting, and the second meeting is valid regardless of the number of shares represented .
General Assembly Meeting Agenda 1- To Vote on the formation of the Audit Committee, defining its tasks, its work controls, and the remuneration of its members for the new session, starting from the date of the meeting of the General Assembly 15/06/2021 until the end of the session on 30/04/2024, noting that the candidates (whose CVs are attached) are: –
• Mr. Yasser Suliman Al-Aqeel – Board Member – Independent (Chairman of the Committee).
• Mr. Khalid Abdulaziz Al Hoshan – Member from outside the Council – independent.
• Mr. Bassem Adnan Abu Al-Faraj – Member from outside the council – independent.

Proxy Form
E-Vote Shareholders who are registered in Tadawulaty may vote on the items of the General Assembly agenda online starting from Saturday 02/11/1442 AH corresponding to 12/06/2021 until the end of the Assembly’s meeting time. Therefore, we invite all shareholders to participate and vote online through Tadawulaty website: www.tadawulaty.com.sa

Note that registration and voting are available in Tadawulaty services free for all shareholders .
Eligibility for Attendance Registration and Voting The eligibility to register to attend the assembly meeting ends at the time of the assembly meeting. The eligibility to vote on the assembly’s items for the attendees ends when the counting committee finishes counting the votes .
Method of Communication In the event of an inquiry, we hope to contact the Shareholders Relations Department at:
phone : 0126517014 OR Email : info@almasafi.com.sa
Attached Documents