Qassim Cement Co. — Earnings Release 2010

Feb 23, 2011

Qassim Cement Company announces its annual consolidated financial results for the year ended 31 December 2010.

3040 · 23/02/2011 08:52:00 · Announcement #20482 · View on Saudi Exchange

Qassim Cement Company announces its annual consolidated financial results for the year ended 31 December 2010.

1.The annual consolidated net profit was posted at SAR 500,559,824 compared to SAR 602,004,278 for the previous year reflecting a decline of 16.85%.

2.The Earnings per share (EPS) of the annual consolidated net profit is SAR 5.56 against SAR 6.69 for the previous year showing a decline of 16.85%.

3.The annual consolidated gross profit was posted at SAR 556,760,407 compared to SAR 569,232,932 last year, down by 2.19%.

4.The annual consolidated operating profit was posted at 518,609,523 compared to SAR 534,753,401 for the previous year, declining by 3.02%.

5.The reason for the decline in the annual consolidated net profit of 2010 over previous year was due to the decline in the other income which fell by SAR 82.5 million being represented by the proceeds of fines and compensation earned in 2009 due to delayed implementation of the 3rd production line project. Other contributors to the decrease in net profit were lower average selling price, lower sales volume in addition to increase of some other cost elements, most notably the increase in average electricity tariff rate per kilowatt. Certain balances have been reclassified in some comparative figures for the year ended December 31, 2009 to conform with the presentation of the current year.

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.