Advanced Building Industries Co. — Earnings Release 2011

Jul 18, 2011

ZAMIL INDUSTRIAL ANNOUNCES CONSOLIDATED FINANCIAL RESULTS FOR PERIOD ENDING 30/06/2011 (SIX MONTHS)

2240 · 18/07/2011 16:42:59 · Announcement #22318 · View on Saudi Exchange

ZAMIL INDUSTRIAL ANNOUNCES CONSOLIDATED FINANCIAL RESULTS FOR PERIOD ENDING 30/06/2011 (SIX MONTHS)

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

(1) Net profits for the second quarter of 2011 were SAR 48 million (USD 12.8 million), compared to SAR 63 million (USD 16.8 million) during the same period in 2010, representing 24 percent decline, and compared to SAR 36.8 million (USD 9.8 million) posted in the previous quarter (Q1) an increase of 30.4 percent.

(2) Gross profit for the second quarter of 2011 was SAR 281 million (USD 75 million), compared to gross profit of SAR 242.7 million (USD 64.7 million) for the same period in 2010, an increase of 15.8 percent.

(3) Operating profits during the second quarter posted an increase of 6.3 percent up to SAR 83.5 million (USD 22.3 million) from SAR 78.6 million (USD 21 million) in the same period in 2010.

(4) During the six months ending 30 June 2011, net profits were SAR 84.7 million (USD 22.6 million) compared to SAR 118.1 million (USD 31.5 million), representing a decline of 28.3 percent over the same period in 2010.

(5) Earnings Per Share dropped to SAR 1.41 (USD 0.38) from SAR 1.97 (USD 0.52) in the same period in 2010. EPS for the same period last year was recalculated based on 60 million shares.

(6) Gross profit for the first six months was SAR 501.9 million (USD 133.8 million) compared to SAR 464.2 million (USD 123.8 million) for the same period in 2010, an increase of 8.1 percent.

(7) Operating profits for the first six months were SAR 143.2 million (USD 38.2 million) compared with SAR 155.7 million (USD 41.5 million) for the same period in 2010, a decrease of 8.1 percent.

(8) The overall company performance improved during the first six months of the year and also that of the three months. Gross Profits increase was a result of growth in Sales by 14.3 percent and growth in Sales volumes in all the company sectors. On the other hand, Net Profits decline during the second quarter and six months in 2011 compared to the same period in 2010 was due to continued pressure on selling prices although it considerably improved compared to the first quarter of 2011. Operating Profits for the three months were better due to the control of the production costs.

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

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