Advanced Building Industries Co. — Earnings Release 2011

Feb 21, 2012

ZAMIL INDUSTRIAL ANNOUNCES ITS AUDITED FINANCIAL RESULTS FOR YEAR ENDING 31/12/2011

2240 · 21/02/2012 16:48:24 · Announcement #24243 · View on Saudi Exchange

ZAMIL INDUSTRIAL ANNOUNCES ITS AUDITED FINANCIAL RESULTS FOR YEAR ENDING 31/12/2011

Zamil Industrial Investment Company (Zamil Industrial) announces its consolidated financial statements (audited) for the year ending 31/12/2011:

1. Net profits for the year were SAR 154.2 million compared to SAR 211.1 million, representing a decrease of 27 percent over the same period in 2010.

2. Earnings per share retracted to SAR 2.57 from SAR 3.52 in the same period in 2010.

3. Gross profits were SAR 1,051.2 million compared to SAR 995.4 million for the same period in 2010, an increase of 5.6 percent.

4. Operating profits were SAR 258.3 million compared with SAR 287.4 million for the same period in 2010, a decline of 10.1 percent.

5. The reason behind the decline in performance during the twelve months of 2011 was mainly due to lower gross margins that were attributed to ongoing competition and pressure on selling prices in the steel sector. The steel sector profitability had the most impact while the air conditioning and insulation sectors sustained positive growth. Consolidated revenues increased by 18 percent in addition to increased production volumes in all sector businesses.

On the other hand, the decline in Net Profits for the entire fiscal year 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.

6. Certain figures for 2010 have been reclassified to conform with the presentation in the current year.

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.