Saudi Industrial Export Co. — Earnings Release 2011

Oct 16, 2011

SAUDI INDUSTRIAL EXPORT COMPANY ANNOUNCES ITS FINANCIAL RESULTS FOR THE THIRD QUARTER ENDING AT 30/09/2011 ( NINE MONTHS )

4140 · 16/10/2011 16:16:23 · Announcement #22884 · View on Saudi Exchange

SAUDI INDUSTRIAL EXPORT COMPANY ANNOUNCES ITS FINANCIAL RESULTS FOR THE THIRD QUARTER ENDING AT 30/09/2011 ( NINE MONTHS )

1- The company's net profit during the third quarter is SR 1.60 million compared to profit SR 1.20 million for the same quarter last year with an increase of 33% , and compared to profit SR 2.00 million for the last quarter with a decrease of 20% .

2- The company's gross profit during the third quarter is SR 1.50 million compared to profit SR 649 thousands for the same quarter last year with an increase of 131% .

3- The company's operating profit for the third quarter is SR 619 thousands compared to loss SR ( 504 ) thousands for the same quarter last year .

4- The company's net profit during the nine months is SR 9.10 million compared to loss SR ( 624 ) thousands for the same period last year .

5- The earnings per share during nine months is SR 0.84 compared to loss SR ( 0.06 ) For the same period last year .

6- The company's gross profit during the nine months is SR 12.30 million compared to SR 3.40 million profit for the same period last year with an increase of 261.8% .

7- The company's operating profit during nine months is SR 8.90 million compared to loss SR ( 1.30 ) million for the same period last year .

8- The reasons for the increase in sales and profit during the third quarter of 2011 is due to increase in export volume and profit margin of raw material for fertilizer manufacturing for China market .

In the other hand, the decrease in profit during third quarter 2011 compared to second quarter 2011 is due to drop in profit margin due to supply and demand.

Increase in other income compared to last quarter was mainly due to transfer of SR 1.50 million from shipping provision to other income .

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