Alujain Corp. — Earnings Release 2009

Oct 21, 2009

Alujain announces its Consolidated Financial Results for the period ending 30th September 2009 (Nine months)

2170 · 21/10/2009 09:53:16 · Announcement #16470 · View on Saudi Exchange

Alujain announces its Consolidated Financial Results for the period ending 30th September 2009 (Nine months)

Alujain announces its consolidated financial results for the period ending 30 September 2009:

1. Net loss during the 3rd quarter is SR9,936,666 as compared to a net loss of SR10,171,290 during the same period of last year representing a 2.31% decrease in net loss, against net loss during the previous quarter was SR9,036,516, increased by 9.96%.

2. Total gross income during the 3rd quarter is SR92,253 as compared to SR5,044,731 during the same period of last year, decreased by 98.17%.

3. Operating loss during the 3rd quarter is SR15,348,422 as compared to SR14,374,224 during the same period of last year, increased by 6.78%.

4. Net loss during the nine months is SR29,802,624 as compared to SR34,883,472 during the same period of last year, decreased by 14.57%.

5. Loss per share during the nine months is SR0.43 as compared to SR0.50 during the same period of last year

6. Total gross income during the nine months is SR878,631 as compared to SR10,009,651 during the same period of last year, decreased by 91.22%.

7. Operating loss during the nine months is SR42,941,978 as compared to SR48,888,404 during the same period of last year, decreased by 12.16%.

8. The SR235 thousand decrease in the net loss during the 3rd quarter of 2009 compared to the 3rd quarter of 2008 was mainly due to SR6.7 million favourable variance for derivatives, SR0.3 million gain on foreign exchange and lower Zakat provision by SR4 million. These were offset by increase in G&A expenses (SR3 million), decrease in gross income (SR4.9 million) and lower share of the minority shareholders in subsidiarys losses during the quarter (SR2.8 million).

The net loss during the nine months period ending 30-Sep-2009 was lower by SR5 million in comparison to the same period of last year mainly due to favourable variance for derivatives by SR16.1 million, zero investment provision in 2009 as compared to SR5.7 million in 2008 and decreases the Zakat provision by SR5.7 million were offset by decreasing in gross income (SR9.1 million), increasing in G&A expenses (SR6.6 million) and decreasing in share of the minority shareholders in subsidiarys losses during the nine months period ending 30-September-2009 (SR6.6 million).

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.