FPCO Announces Its Interim Financial Results for the 12 Month Period

14/01/2013 08:31 AST

Food Products Company announces its interim financial results for the period ending 31st December 2012 (twelve months).

1. Net profit during the Fourth Quarter was SR 222,019 compared to a net profit of SR 1,602,659 for the same quarter last year, resulting in a decrease of 86 %. The same is compared to a net profit of SR 1,595,383 for the previous quarter, resulting in a decrease of 86 %.

2. Gross profit during the Fourth Quarter was SR 5,291,288 compared to SR 4,881,567 for the same quarter last year resulting in an increase of 8 %.

3. Total operating profit for the Fourth Quarter was SR 632,637 compared to SR 102,842 for the same quarter last year, an increase of 515 %.

4. Net profit for 12 months is SR 5,831,892, compared to SR 9,826,120 for the same period last year, a decrease of 41 %.

5. Net earnings per share for 12 months were SR 0.29, compared to SR 0.49 for the same period last year.

6. Gross profit for the 12 months was SR 26,637,926 compared to SR 28,697,065 for the same period last year, a decrease of 7 %.

7. Total operating profit for the 12 months was SR 7,884,497 compared to SR 9,125,516 for the same period last year, a decrease of 14 %.

8. The decrease in the net profit of the Fourth quarter, compared to that of the same quarter last year is primarily attributed to the decrease in other revenues.

9. The decrease in the net profit of the Fourth quarter, compared to that of the Third quarter of the same year is attributed to the decrease in sales by 21 %.

10. The decrease in the net profit of the year ending 31 December 2012, compared to that of the year ending 31 December 2011, is attributed to the decrease in sales by 2 %, and to the increase that occurred in the cost of production (raw materials and labor cost), without a corresponding increase in sales prices. Prices were not increased due to fierce competition in the market, and in order to keep a reasonable share of our products in the market. Moreover, the decrease in net profit is also attributed to the decrease in other revenues, compared to last year.

11. Tabulation of the financial results of the year 2011 has been amended to match the new tabulation adopted for the current year.

12. In the above comparisons, the audited figures for 2011 were used.

Tadawul