Alujain Corp. — Interim / Quarterly Report 2012

Jul 18, 2012

Alujain announces its Interim Financial Statements for the period ending 30th June 2012 (Six Months)

2170 · 18/07/2012 16:27:31 · Announcement #26537 · View on Saudi Exchange

Alujain announces its Interim Financial Statements for the period ending 30th June 2012 (Six Months)

Alujain announces its interim financial statements for the period ending 30 June 2012:

1. Net Income during the 2nd quarter was SR14.36 million as compared to a net loss of SR19.33 million during the same period of last year and compared to net income of SR9.6 million during the previous quarter with an increase of 50%

2. Gross profit during the 2nd quarter was SR78.12 million as compared to SR15.06 million during the same period of last year, increased by 419%.

3. Operating income during the 2nd quarter was SR58.77 million as compared to an operating loss of SR2.37 million during the same period of last year.

4. Net Income during the six months was SR23.95 million as compared to a net loss of SR7.94 million during the same period of last year.

5. Income per common share during the six months was SR0.35 as compared to a loss of SR0.11 during the same period of last year.

6. Gross profit during the six months was SR141.27 million as compared to SR72.28 million during the same period of last year, increased by 95%.

7. Operating income during the six months was SR103.76 million as compared to an operating income of SR37.95 million during the same period of last year, increased by 173%.

8.Reasons for the increase in net profit:

(A) 2nd quarter, 2012 Vs. 2nd quarter, 2011

The reasons for increase in net profit during 2nd quarter, 2012 as compared to 2nd quarter, 2011 is mainly due to higher sales quantities, although the product sales prices declined during 2nd quarter 2012. The sales quantities during same period of last year were low due to the scheduled turnaround.

The general & administrative expenses increased by SR 1.3 million during 2nd quarter 2012 mainly due to increase in IT related expenses and incurred foreign exchange losses of SR 3.4 million as compared to SR 1.2 million gain during comparable period of last year, mainly due to Euro exchange rate decline.

(B) 2nd quarter, 2012 Vs. 1st quarter, 2012

The reasons for increase in net profits during 2nd quarter, 2012 as compared to 1st quarter, 2012 is mainly due to higher product prices and better margins, although the sales quantities are lower than the comparable period. The foreign exchange losses increased by SR 2.9 million during 2nd quarter, 2012, as compared to 1st quarter, 2012, mainly due to the same reason as explained above. Cont....

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