Saudi Industrial Export Co. — Earnings Release 2012

Jul 14, 2012

SAUDI INDUSTRIAL EXPORT COMPANY ANNOUNCES ITS FINANCIAL RESULTS FOR THE SECOND QUARTER ENDING AT 30/06/2012 ( SIX MONTHS )

4140 · 14/07/2012 09:29:32 · Announcement #26389 · View on Saudi Exchange

SAUDI INDUSTRIAL EXPORT COMPANY ANNOUNCES ITS FINANCIAL RESULTS FOR THE SECOND QUARTER ENDING AT 30/06/2012 ( SIX MONTHS )

1- The company's net profit during the second quarter is SR 508 thousands compared to profit SR 2.0 million for the same quarter last year with a decrease 74.60%, and compared to profit SR 444 thousands for the last quarter with an increase of 14.40% .

2- The company's gross profit during the second quarter is SR 1.80 million compared to profit SR 3.60 million for the same quarter last year with a decrease 50.00% .

3- The company's operating profit for the second quarter is SR 609 thousands compared to profit SR 2.50 million for the same quarter last year with a decrease of 75.64% .

4- The company's net profit during the six months is SR 952 thousands compared to profit SR 7.50 million for the same period last year with a decrease 87.30% .

5- The earnings per share during six months is SR 0.09 compared to profit SR 0.69 For the same period last year .

6- The company's gross profit during the six months is SR 3.30 million compared to profit SR 10.70 million profit for the same period last year with a decrease of 69.16% .

7- The company's operating profit during six months is SR 1.10 million compared to profit SR 8.30 million for the same period last year with a decrease 86.75 .

8- The reasons for the decrease in sales and profit between the second quarter and the period of 2012 compared to the same period of last year is mainly due to sharp drop in prices due to increase in supply and decrease in demand for export of the raw material for fertilizer manufacturing to China market. The reason for the decrease in profit during second quarter compare to the last quarter due to high prices by producers which resulted in cancellation of number of transactions which in turn effected in export volume in addition to the big drop in profit margin.

Despite introduction of new export products such as plastic raw material to Ethiopia and distribution of food products to local markets and import of raw material to local factories which represents 17.00% of gross sale for the second quarter of 2012 .

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