Alujain Corp. — Earnings Release 2012

Feb 25, 2012

Alujain announces its Annual Consolidated Financial Results for the year ending 31 Dec 2011

2170 · 25/02/2012 10:47:06 · Announcement #24321 · View on Saudi Exchange

Alujain announces its Annual Consolidated Financial Results for the year ending 31 Dec 2011

Alujain announces its Annual Consolidated Financial Results for the year ending 31 Dec 2011

1. Net loss was SR9.95 million as compared to a net profit of SR42.2 million for last year.

2. Loss per common share was SR0.14 as compared to income of SR0.61 for last year.

3. Gross profit was SR158.8 million as compared to gross profit of SR179 million for last year, decreased by 11%.

4. Operating income was SR94.5 million as compared to operating income of SR105.5 million for last year, decreased by 10%.

5. The decrease of SR 52.1 million in full year 2011 profitability as compared to 2010 is mainly due to;

A. The propylene/polypropylene complex was shut-down during the 2nd quarter of 2011 for a period of Forty Nine (49) days for implementing production and equipment enhancements. This turnaround procedure was part of the subsidiarys (NatPet) operating budget, as previously announced on 30-3-2011. Productin loss during this shut down was 60,000 tons which equals to SR350 million in sales revenue.There were extra costs attributed to the unplanned shutdown from Sept 26, 2011 till Oct 18, 2011, as previously announced on 29-9-2011. Productin loss during this shut down was 16,000 tons of polypropylene worth about SR90 million according to prevailing market prices for polypropylene. Polypropylene prices declined during 2nd half of 2011 whereas the feedstock prices did not declined accordingly.

B. During 2011 the subsidiary incurred SR 58.2 million higher finance charges and SR 5.5 million higher amortization costs as compared to 2010, as the 2010 figures represents only 5 months of commercial operations. The finance charges started to be included in the income statement from August 2010 which was the commencement of commercial operations. Also the subsidiary has written off SR 5.1 million against their project development expenses.

Certain reclassifications were made in the comparative December 31, 2010 interim consolidated financial statements to conform with December 31, 2011 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.