Advanced Building Industries Co. — Earnings Release 2011

Oct 16, 2011

ZAMIL INDUSTRIAL ANNOUNCES CONSOLIDATED FINANCIAL RESULTS FOR PERIOD ENDING 30/09/2011 (NINE MONTHS)

2240 · 16/10/2011 16:19:40 · Announcement #22890 · View on Saudi Exchange

ZAMIL INDUSTRIAL ANNOUNCES CONSOLIDATED FINANCIAL RESULTS FOR PERIOD ENDING 30/09/2011 (NINE MONTHS)

Zamil Industrial Investment Company (Zamil Industrial) has announced its consolidated interim financial results for the period ending 30 September 2011:

(1) Net profits for the third quarter of 2011 were SAR 33.6 million (USD 9 million), compared to SAR 31.7 million (USD 8.5 million) during the same period in 2010, representing 6 percent increase, and compared to SAR 48 million (USD 12.8 million) posted in the previous quarter (Q2) a drop of 30 percent.

(2) Gross profit for the third quarter of 2011 was SAR 256.8 million (USD 68.5 million), compared to gross profit of SAR 212.1 million (USD 56.6 million) for the same period in 2010, an increase of 21 percent.

(3) Operating profits during the third quarter posted an increase of 44.8 percent up to SAR 69.8 million (USD 18.6 million) from SAR 48.2 million (USD 12.9 million) in the same period in 2010.

(4) During the nine months ending 30 September 2011, net profits were SAR 118.2 million (USD 31.5 million) compared to SAR 149.8 million (USD 40 million), representing a decline of 21.1 percent over the same period in 2010.

(5) Earnings Per Share dropped to SAR 1.97 (USD 0.53) from SAR 2.50 (USD 0.67) in the same period in 2010.

(6) Gross profit for the first nine months was SAR 761.4 million (USD 203 million) compared to SAR 676.4 million (USD 180.4 million) for the same period in 2010, an increase of 12.6 percent.

(7) Operating profits for the first nine months were SAR 215.7 million (USD 57.5 million) compared with SAR 203.9 million (USD 54.4 million) for the same period in 2010, an increase of 5.8 percent.

(8) The reason behind the growth in Gross Profits and Operating Profits in the third quarter results and that of the nine months of 2011 was mainly due to increase in Sales by 16.5 percent. That also positively impacted Net Profits for the third quarter. On the other hand, the decline in Net Profits for the nine months of 2011 was due to the decline in the Other Income as a result of reclassification of certain figures for the comparison period, in addition to the increase in Financial Charges and Minority Interests which was a consequence of the consolidation of RANCO Zamil Concrete Industries Co. Ltd. and Gulf Insulation Group Company as of 1st January 2011 since Zamil Industrial has management rights.

(9) Certain figures for the third quarter of 2010 have been reclassified to conform with the presentation in the current period.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.