Alujain announces its interim consolidated financial results

21/01/2013 09:37 AST

Alujain announces its interim consolidated financial results for the period ended 31 December 2012:

1. Net Income during the 4th quarter was SR16.91 million as compared to a net loss of SR24.82 million during the same period of last year and compared to net income of SR10.61 million during the previous quarter with an increase of 59%

2. Gross profit during the 4th quarter was SR86.67 million as compared to SR2.2 million during the same period of last year with an increase of 3840%.

3. Operating income during the 4th quarter was SR64.88 million as compared to an operating loss of SR10.78 million during the same period of last year.

4. Net Income during the twelve months was SR51.47 million as compared to a net loss of SR9.95 million during the same period of last year.

5. Earnings per common share during the twelve months was SR0.74 as compared to loss of SR0.14 during the same period of last year.

6. Gross profit during the twelve months was SR292.42 million as compared to SR158.81 million during the same period of last year with an increase of 84%.

7. Operating income during the twelve months was SR215.01 million as compared to an operating income of SR94.52 million during the same period of last year with an increase of 127%.

8. The reasons for increase in net profit during 4th quarter, 2012 as compared to 4th quarter, 2011 is mainly due to higher sales quantities and better netback. The sales and production during the same period of last year were low due to crash shutdown of the plant. The general & administrative expenses increased by SR 7.7 million during 4th quarter 2012 mainly due to increase in Fees and Legal expenses for re-financing activity, Travelling, IT related and other expenses compared to the same period of last year.

Alujain announces its interim consolidated financial results for the period ended 31 December 2012:

9. The reasons for increase in net profits during YTD, 2012 as compared to YTD, 2011 is mainly due to higher sales quantities and lower propane cost. The sales quantities during 2011 were low due to the scheduled turnaround and crash shutdown of the plant during 2011. The general & administrative expenses increased by SR 9.4 million mainly due to the increase in Fees and Legal expenses for the re-financing activity, manpower cost and IT related expenses. Sales & Marketing expenses were also higher by SR 3.7 million during 2012, mainly due to higher warehouse management cost in line with higher direct sales.

10. The reasons for increase in net profits during 4th quarter, 2012 as compared to 3rd quarter, 2012 is mainly due to higher selling prices and better margins, although the sales quantities are lower than the comparable period. The general & administrative expenses increased by SR 4.0 million during 4th quarter 2012 mainly due to increase in Fees and Legal expenses for re-financing activity

11. The external Auditors have not communicated/found any deficiencies or reservation or items of concern during the 4th quarter 2012 review

12. Certain reclassifications were made in comparative numbers to conform to the current period

13. There is no additional information which the company wants to share, except for the financials as detailed above

Tadawul