Almarai Co. — Earnings Release 2010

Jan 17, 2011

Almarai announces its audited consolidated financial results for the year ended 31 December 2010 (Twelve Months)

2280 · 17/01/2011 08:18:14 · Announcement #19907 · View on Saudi Exchange

Almarai announces its audited consolidated financial results for the year ended 31 December 2010 (Twelve Months)

Almarai Company (Almarai) announces its audited consolidated financial results for the year ended 31 December 2010.

1) For the fourth quarter ended 31 December 2010 Almarai generated a consolidated net income amounting to SAR 283.8 million, an increase of 14.0%, compared to the same period last year (SAR 248.8 million) and a decrease of (33.2%) compared to the third quarter 2010 (SAR 424.5 million).

2) Gross profit for the fourth quarter ended 31 December 2010 amounted to SAR 668.3 million, an increase of 17.5%, compared to the same period last year (SAR 568.6 million).

3) Operating profit for the fourth quarter ended 31 December 2010 amounted to SAR 319.2 million compared to the same period last year (SAR 281.4 million), an increase of 13.4%.

4) The consolidated net income for the twelve months ended 31 December 2010 amounted SAR 1,285.4 million, an increase of 17.2% compared to the same period last year (SAR 1,096.7 million).

5) Earnings per share (EPS) for the twelve months ended 31 December 2010 was SAR 5.59 compared to SAR 4.97 for the prior year (The 2009 EPS has been retrospectively adjusted for the 2010 bonus share issue).

6) Gross profit for the twelve months ended 31 December 2010 amounted to SAR 2,735.9 million, an increase of 15.6% compared to the same period last year (SAR 2,365.8 million).

7) Operating profit for the twelve months ended 31 December 2010 amounted to SAR 1,459.5 million, an increase of 14.1% compared to the same period last year (SAR 1,278.9 million).

8) Sales for the fourth quarter ended 31 December 2010 amounted to SAR 1,798.8 million, an increase of 16.2% compared to the same period last year (SAR 1,548.2 million).

9) Sales for the twelve months ended 31 December 2010 amounted to SAR 6,930.9 million, an increase of 18.1% compared to the same period last year (SAR 5,868.8 million).

10) These exceptional results are attributed to increased sales, product diversification and continuous improvements in quality and service. During the year Almarai imported 80% of the fodder necessary to produce all dairy products exported outside of KSA. This will increase to 100% of the equivalent fodder requirement for 2011.

The second half of 2010 saw dairy commodities, juice ingredients, packaging and feed costs increase significantly. The companys procurement strategy protected margins during 2010.

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.