Alujain Corp. — Earnings Release 2013

Feb 24, 2014

Alujain Corporation announces the annual financial results for the period ending on 31-12-2013

2170 · 24/02/2014 16:34:08 · Announcement #33441 · View on Saudi Exchange

Alujain Corporation announces the annual financial results for the period ending on 31-12-2013

Element	Current year	Previous year	% Change
Net profit (loss)	109.82	51.68	112.5
Earning or loss per share, Riyals	1.59	0.75	-
Gross profit (loss)	343.85	292.42	17.59
Operational profit (loss)	259.69	215.01	20.78

*All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	The net profit is higher mainly due to better margins, although sales quantities were low due to the planned shutdown and screen cleaning process of the plant during 1st quarter 2013. The other major reasons are (1) lower financial charges and (2) receipt of insurance compensation of SR 75 million against a claim for PDH plant crash shutdown during third quarter of 2011. The insurance settlement comprises of SR 24.78 million pertaining to capital repairs and SR 50.22 million to compensate for the loss of profit arising from lower production until final repairs were carried out. The general & administrative expenses increased by SR 4.38 million mainly due to legal and other consultancies incurred for re-financing activities, corporate and traveling expenses. Sales & marketing expenses also increased by 2.38 million due to advertising expenses incurred during 4th quarter 2013, as explained above
Reclassifications in annual financial results	Certain reclassifications were made in comparative numbers to conform to the current period

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