Alujain Corp. — Earnings Release 2011

Jan 18, 2011

Alujain announces its Consolidated Financial Results for the period ending 31st December 2010 (Twelve months)

2170 · 18/01/2011 16:48:39 · Announcement #19989 · View on Saudi Exchange

Alujain announces its Consolidated Financial Results for the period ending 31st December 2010 (Twelve months)

Alujain announces its consolidated financial results for the period ending 31st December 2010:

1. Net Income during the 4th quarter was SR38.2 million as compared to a net income of SR2.5 million during the same period of last year representing a 1,428% increase and compared to net income of SR16.4 million during the previous quarter representing a 133% increase.

2. Gross profit during the 4th quarter was SR114.9 million compared to zero (0) gross profit during the same period of last year.

3. Operating income during the 4th quarter was SR95.2 million as compared to operating loss of SR17.2 million during the same period of last year.

4. Net income during the twelve months was SR40.7 million as compared to net loss of SR27.3 million during the same period of last year.

5. Income per common share during the twelve months was SR0.59 as compared to loss of SR0.39 during the same period of last year

6. Gross profit during the twelve months was SR179 million compared to zero (0) gross profit during the same period of last year.

7. Operating income during the twelve months was SR105.4 million as compared to operating loss of SR67.8 million during the same period of last year.

8. The reason for increase in net income for the 4th quarter 2010 in comparison to the same period of last year was mainly due to profits derived from subsidiarys (NatPet) operations which started during the 3rd quarter 2010. 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 the income statement. The impairment loss on delay of plant start-up and the related compensations from insurers and main contractor 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 subsidiarys commercial operations.

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.