Alujain Corp. — Earnings Release 2009

Feb 23, 2010

Alujain announces its annual consolidated financial results for the year ending 31 Dec 2009.

2170 · 23/02/2010 17:13:36 · Announcement #17333 · View on Saudi Exchange

Alujain announces its annual consolidated financial results for the year ending 31 Dec 2009.

Alujain announces its annual consolidated financial results for the year ending 31 Dec 2009:

1. Net loss of SR27,277,536 compared to net loss of SR65,102,174 for the previous year with a decrease of 58.10%.

2. Loss per common share during the year of SR0.39 compared to loss per common share of SR0.94 during the previous year.

3. Total income of SR13,449,824 compared total income SR6,573,404 during the previous year with an increase of 104.61%.

4. Operating loss of SR46,752,121 compared to operating loss SR92,782,763 during the previous year with a decrease of 49.61%.

5. The decrease of SR37.8 million in net loss during the year was mainly due to SR9.5 million gain on sale of investments, SR29.3 million upswing in fair value of derivatives, zero provision against investments in 2009 as compared to SR5.8 million in 2008, zero impairment in value of investments during 2009 against SR9.9 million in 2008 and SR4.2 million reduction in Zakat expenses, that were offset by lower share of minority shareholders in subsidiarys losses (SR12.4 million) and increase in G&A expenses (SR5.9 million) is mainly due to increase in manpower cost, legal and professional fees, depreciation and information technology implementation. Certain prior year amounts are reclassified to conform with the current years presentation

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.