Alujain Corp. — Earnings Release 2010

Oct 19, 2010

Alujain announces its Consolidated Financial Results for the period ending 30th September 2010 (Nine months)

2170 · 19/10/2010 15:58:22 · Announcement #19343 · View on Saudi Exchange

Alujain announces its Consolidated Financial Results for the period ending 30th September 2010 (Nine months)

Alujain announces its consolidated financial results for the period ending 30 September 2010:

1. Net Income during the 3rd quarter was SR16.4 million as compared to a net loss of SR9.9 million during the same period of last year and compared to net loss of SR7.3 million during the previous quarter.

2. Gross profit during the 3rd quarter was SR64.1 million compared to zero (0) gross profit during the same period of last year.

3. Operating income during the 3rd quarter was SR46.6 million as compared to operating loss of SR15.2 million during the same period of last year.

4. Net income during the nine months was SR2.5 million as compared to net loss of SR29.8 million during the same period of last year.

5. Income per common share during the nine months was SR0.04 as compared to loss of SR0.43 during the same period of last year

6. Gross profit during the nine months was SR64.1 million compared to zero (0) gross profit during the same period of last year.

7. Operating income during the nine months was SR10.3 million as compared to operating loss of SR50.5 million during the same period of last year.

8. The reason for increase in net income for the 3rd quarter and for the nine months of 2010 in comparison to the same periods of last year was mainly due to profits derived from subsidiarys (NatPet) operations and gain on sale of shares.

In compliance to the accounting standards, total income from sales for period prior to commercial production were deducted from cost of project while income realized after commercial production are included in income statement. The impairment loss on the delay of plant start-up and the related insurance compensation were presented in the Consolidated Income Statement as two separate economic events as per applicable accounting standards.

Certain reclassifications of prior year figures have been made in the Consolidated Income Statement to reflect the start of the subsidiary commercial operations. Such reclassifications affected comparative gross profit and operating income (loss) figures of prior periods.

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.