Alujain Corp. — Interim / Quarterly Report 2012

Apr 18, 2012

Alujain announces its Interim Financial Statements for the period ending 31st March 2012 (Three months)

2170 · 18/04/2012 18:02:05 · Announcement #25372 · View on Saudi Exchange

Alujain announces its Interim Financial Statements for the period ending 31st March 2012 (Three months)

Alujain announces its interim financial statements for the period ending 31 March 2012:

1. Net Income during the 1st quarter was SR9.6 million as compared to a net income of SR11.39 million during the same period of last year representing a decrease of 15.72% and compared to a net loss of SR24.82 million during the previous quarter.

2. Gross profit during the 1st quarter was SR63.15 million as compared to SR57.22 million during the same period of last year, increased by 10.36%.

3. Operating income during the 1st quarter was SR44.99 million as compared to SR40.32 million during the same period of last year, increased by 11.58%.

4. Income per common share during the three months was SR0.14 as compared to SR0.16 during the same period of last year.

5. The sales during 1st quarter 2012 increased by 50% and cost of sales increased by 57% as compared to same period of last year. The higher cost of sales is mainly due to higher feedstock prices. Most of the profit for this quarter was earned in last month due to improvement in polypropylene selling prices. The major reason for lower profit is foreign exchange loss of SR 0.4 million as compared to a gain of SR 4.5 million during same period of last year. The Selling, distribution and general & administrative expenses also increased by SR 1.26 million mainly due to higher product handling fee.

Certain reclassifications were made in the comparative March 31, 2011 interim consolidated financial statements to conform with March 31, 2012 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.