Alujain Corp. — Earnings Release 2008

Jan 19, 2009

Alujain announces its Financial Statements for the period ending 31st Dec 2008 (12 months)

2170 · 19/01/2009 16:28:25 · Announcement #14302 · View on Saudi Exchange

Alujain announces its Financial Statements for the period ending 31st Dec 2008 (12 months)

Alujain?s consolidated financial statements for the period ending 31 Dec 2008 showed:

1. Net loss during the 4th quarter of SR28,270,463 compared to SR19,046,764 during the same period in 2007 with an increase of 48.4% and compared to SR10,171,290 during the previous quarter with an increase of 177%.

2. Total revenue during the 4th quarter of SR990,204 compared to SR3,004,575 during the same period in 2007 with an decrease of 67%.

3. Operating loss during the 4th quarter of SR38,390,331 compared to SR28,503,525 during the same period in 2007 with an increase of 34.7%.

4. Net loss during the year of SR63,153,935 compared to SR39,446,239 during the same period in 2007 with an increase of 60.1%.

5. Loss per common share during the year of SR0.91 compared to SR0.57 during the same period in 2007 (with an increase of 59.6%)

6. Total revenue during the year of SR6,573,404 compared to SR22,560,156 during the same period in 2007 with an decrease of 70.7%.

7. Operating loss during the year of SR87,278,735 compared to SR47,068,969 during the same period in 2007 with an increase of 85.4%.

8. The increase in the net loss during the 4th quarter 2008 in comparison to the 4th quarter 2007 was mainly due to decline in revenue by SR 2.0 million and increase in provision for investment of SR 9.28 million. On the other hand, the increase in the net loss during the year ending 31-Dec-2008 in comparison to the year ending 31-Dec-2007 was mainly due to decline in revenue of SR16.7 million, additional provision for investment during the year of SR10 million and loss in fair value of derivatives of SR11.8 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.