Arabian Cement Co. — Interim / Quarterly Report 2012

Jul 18, 2012

ARABIAN CEMENT COMPANY ANNOUNSES INTERIM CONSOLIDATED FINANCIAL RESULTS FOR THE SECOND QUARTER OF THE YEAR 2012 FOR THE PERIOD ENDED 30/06/2012 (SIX MONTHS)

3010 · 18/07/2012 09:30:22 · Announcement #26518 · View on Saudi Exchange

ARABIAN CEMENT COMPANY ANNOUNSES INTERIM CONSOLIDATED FINANCIAL RESULTS FOR THE SECOND QUARTER OF THE YEAR 2012 FOR THE PERIOD ENDED 30/06/2012 (SIX MONTHS)

1- The net profit during the second quarter is 71.9 million riyals compared to 111.7 million riyals for the same quarter of previous year which showing a decrease of 35.6 %, against posted 146.1 million riyals for the previous quarter which showing a decrease of 50.8 %.

2-The gross profit during the second quarter is 173.2 million riyals compared to 139.3 riyals for the corresponding quarter of the previous year, an increase of24.3 %.

3-The operating profit during the second quarter is 75.6 million riyals compared to 127.5 million riyals of the previous year, a decrease of 40.7 %.

4-The net profit during the six months is 218.1 million riyals compared to 227.8 million riyals of the previous year, a decrease of4.2 %.

5-Earnings per share for the six months is SAR 2.73 compared to SAR 2.85 of the previous year.

6-The gross profit for the six months is 347.6 million riyals compared to 273.3 million riyals of the previous year, an increase of27.2 %.

7-The operation profit for six months 227.3 million riyals compared to 249.2 million riyals of the previous year, a decrease of8.8 %.

8 - The reason for the decline in operating profit and net profit for the second quarter and first half compared to same period of last year, due to the impairment of asset, property and plants value in Qatrana Cement Co. a subsidiary in Jordan, which conducted a study by specialized consultant KPMG regarding impairment of its assets value due to continuation of great difference between supply and demand of cement and low level of price in Jordanian market. The studying shows fall in the value of the property by $ 86,8 million riyals.

9 - The reason for the increase in the gross profit for the second quarter and first half compared to same period of last year to the increase in net sales.

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