Alujain Corp. — Interim / Quarterly Report 2013

Jan 20, 2014

Alujain Corporation announces the interim financial results for the period ending on 31-12-2013 (Twelve Months)

2170 · 20/01/2014 09:15:28 · Announcement #32999 · View on Saudi Exchange

Alujain Corporation announces the interim financial results for the period ending on 31-12-2013 (Twelve Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	33.82	17.12	97.55	56.96	-
Gross profit (loss)	111.46	86.67	28.6	110.98	0.43
Operational profit (loss)	85.19	64.88	31.3	90.76	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	109.83	51.68	112.52
Gross profit (loss)	343.85	292.42	17.59
Operational profit (loss)	259.69	215.01	20.78
Earning or loss per share, Riyals	1.59	0.75	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	The net profit is higher mainly due to higher sales prices, lower financial charges and lower provisions against projects under study/investments. The selling & distribution expenses increased by SR 4.1 million mainly due to higher sales and advertising expenses
Reasons of increase (decrease) for period compared with same period last year	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 4.3 million mainly due to legal and other consultancies incurred for re-financing activities, corporate and travelling expenses. Sales & marketing expenses also increased by 2.38 million due to advertising expenses incurred during 4th quarter 2013, as explained above
Reasons of increase (decrease) for quarter compared with previous quarter	The decrease in net profit is mainly due to the receipt of insurance compensation during Q3, 2013, as stated above, though the sales quantities and selling prices were low during Q3 2013. The selling & distribution expenses are increased by 4.8 million during the 4th quarter of 2013 due to the higher sales and advertising expenses
Reclassifications in quarterly financial results	Certain reclassifications were made in comparative numbers to conform to the current period

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