Alujain Corp. — Earnings Release 2009

Jul 19, 2009

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

2170 · 19/07/2009 15:43:10 · Announcement #15948 · View on Saudi Exchange

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

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

1. Net loss during the 2nd quarter was SR9,036,516 as compared to a net loss of SR11,638,270 during the same period of last year representing a decrease of 22.4%. Net loss during the previous quarter was SR10,829,442, decreased by 16.6%.

2. Total gross income during the 2nd quarter was SR393,975 as compared to SR777,052 during the same period of last year, decreased by 49.3%.

3. Operating loss during the 2nd quarter was SR12,388,478 as compared to SR13,190,122 during the same period of last year, decreased by 6.1%.

4. Net loss during the six months was SR19,865,958 as compared to SR24,712,182 during the same period of last year, decreased by 19.6%.

5. Loss per common share during the six months was SR0.29 as compared to SR0.36 during the same period of last year

6. Total gross income during the six months was SR786,378 as compared to SR4,964,920 during the same period of last year, decreased by 84.2%.

7. Operating loss during the six months was SR27,593,556 as compared to SR34,514,180 during the same period of last year, decreased by 20.1%.

8. The SR2.6 million decrease in the net loss during the 2nd quarter of 2009 in comparison to the 2nd quarter 2008 was mainly due to no requirement of provision against investments in 2009 as compared to SR5.7 million in 2008 and higher share of the minority shareholders in subsidiarys losses during the quarter by SR1.2 million. These were offset by increase in G&A expenses (SR2.2 million) and unfavourable variance for derivatives (SR 2.3 million).

The net loss during the six months ending 30-Jun-2009 was lower by 4.8 million in comparison to the same period in 2008 mainly due to favourable variance for derivatives by SR 9.4 million, no requirement of provision against investments as compared to SR5.7 million in 2008, lower Zakat provision by SR1.7 million which were offset by decrease in gross income (SR4.2 million), increase in G&A expenses (SR3.6 million) and decrease in share of the minority shareholders in subsidiarys losses during the six months period ending 30-June-2009 (SR3.8 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.