Alujain Corp. — Earnings Release 2011

Oct 19, 2011

Alujain announces its Consolidated Financial Results for the period ending 30th Sep, 2011 (Nine Months)

2170 · 19/10/2011 18:33:21 · Announcement #23117 · View on Saudi Exchange

Alujain announces its Consolidated Financial Results for the period ending 30th Sep, 2011 (Nine Months)

Alujain announces its consolidated financial results for the period ending 30th Sep, 2011

1. Net Income during the 3rd quarter was SR22.8 million as compared to a net income of SR16.44 million during the same period of last year representing an increase of 39% and compared to net loss of SR19.33 million during the previous quarter

2. Gross profit during the 3rd quarter was SR84.34 million as compared to SR64.14 million during the same period of last year, increased by 31%.

3. Operating income during the 3rd quarter was SR67.36 million as compared to an operating income of SR46.55 million during the same period of last year, increased by 45%.

4. Net Income during the nine months was SR14.87 million as compared to a net income of SR2.5 million during the same period of last year, increased by 495%.

5. Income per common share during the nine months was SR0.21 as compared to income of SR0.04 during the same period of last year.

6. Gross profit during the nine months was SR156.62 million as compared to SR64.14 million during the same period of last year, increased by 144%.

7. Operating income during the nine months was SR105.3 million as compared to an operating income of SR10.29 million during the same period of last year, increased by 923%.

8.The subsidiarys Propylene/Polypropylene complex commenced its commercial operations on 06-Aug-2010 (the sales/production during 3rd Quarter 2010 was less than three months) which is the main reason for increase in net profit by SR 6.4 million during Q3- 2011 as compared to Q3-2010. The major reasons for the above-mentioned increase are further explained below:

SR 20.2 million increase in gross profit was partially offset by SR 6.7 million higher financing charges, SR 3.0 million decrease in other income and corresponding increase in profit share of minority shareholders by SR 4.6 million. (to be continued?)

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