Advanced Building Industries Co. — Earnings Release 2011

Apr 16, 2011

ZAMIL INDUSTRIAL ANNOUNCES FINANCIAL RESULTS FOR PERIOD ENDING 31/03/2011 (THREE MONTHS)

2240 · 16/04/2011 16:38:46 · Announcement #21280 · View on Saudi Exchange

ZAMIL INDUSTRIAL ANNOUNCES FINANCIAL RESULTS FOR PERIOD ENDING 31/03/2011 (THREE MONTHS)

Zamil Industrial Investment Company (Zamil Industrial) has announced its interim financial results for the period ending 31 March 2011:

1. Net profits for the first quarter of 2011 were SAR 36.8 million (USD 9.8 million), compared to SAR 55.1 million (USD 14.7 million) during the same period in 2010, representing a decrease of 33.2 percent, and compared to SAR 61.3 million (USD 16.4 million) posted in the previous quarter (Q4) a decline of 40 percent.

2. Gross profit for the first quarter of 2011 was SAR 220.8 million (USD 58.9 million), compared to gross profit of SAR 221.5 million (USD 59.1 million) for the same period in 2010, a decline of 0.3 percent.

3. Operating profits during the first quarter posted a decrease of 22.7 percent to SAR 59.6 million (USD 15.9 million) from SAR 77.1 million (USD 20.6 million) in the same period in 2010.

4. Earnings Per Share declined to SAR 0.61 (USD 0.16) from SAR 0.92 (USD 0.24) in the same period in 2010. EPS for the same period last year was recalculated based on 60 million shares.

5. The retraction in the consolidated results was due to drop in Gross Profit because of the continued pressure by local and regional competition on selling prices and volatility of raw material prices which affected margins, specifically in the steel sector. As a consequence, Net Profits was also impacted, although the company financial position and cash flows are solid. Moreover, the other sectors have performed well. On the other hand, the instability in North Africa which is covered by our Egypt plant had an adverse effect on that operation which is expected to continue.

6. Certain figures for the first 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.