Alujain Corp. — Earnings Release 2009

Jan 18, 2010

Alujain announces its Consolidated Financial Results for the period ending 31st December 2009 (Twelve months) Cont?..

2170 · 18/01/2010 18:59:48 · Announcement #16909 · View on Saudi Exchange

Alujain announces its Consolidated Financial Results for the period ending 31st December 2009 (Twelve months) Cont?..

8. The SR30.8 million decrease in the net loss during the 4th quarter of 2009 compared to the 4th quarter 2008 was mainly due to SR9.5 million gain on sale of investments, SR2.9 million write back of provision for investments, SR11.4 million upswing in fair value of derivatives, zero impairment in value of investments during 2009 against SR10.5 million in the 4th quarter 2008 and SR1.6 million reduction in Zakat expenses, that were offset by lower share of minority shareholders in subsidiarys losses (SR5.4 million).

The net loss during the year ending 31-Dec-2009 was lower by SR37.8 million in comparison to the same period of last year mainly due to SR9.5 million gain on sale of investments, SR1.1 million net write back of provision for investments, favorable variance for derivatives by SR29.3 million, zero impairment in value of investments during 2009 against SR9.9 million in the 4th quarter 2008 and zero provision against investments in 2009 as compared to SR5.8 million in 2008, SR4.2 million reduction in Zakat expenses, that were offset by decline in income on money placements (SR3.1) million, increase in G&A expenses mainly due to increase in manpower cost, depreciation and information technology implementation (SR5.9 million) and lower share of minority shareholders in subsidiarys losses (SR12.4 million).

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