Saudi Industrial Export Co. — Earnings Release 2011

Jan 10, 2012

SAUDI INDUSTRIAL EXPORT COMPANY ANNOUNCES ITS FINANCIAL RESULTS FOR THE FOURTH QUARTER ENDING AT 31/12/2011 ( TWELVE MONTHS )

4140 · 10/01/2012 16:18:17 · Announcement #23571 · View on Saudi Exchange

SAUDI INDUSTRIAL EXPORT COMPANY ANNOUNCES ITS FINANCIAL RESULTS FOR THE FOURTH QUARTER ENDING AT 31/12/2011 ( TWELVE MONTHS )

1- The company's net profit during the fourth quarter is SR 499 thousands compared to profit SR 3.6 million for the same quarter last year with a decrease of 86% , and compared to profit SR 1.6 million for the last quarter with a decrease of 68.8% .

2- The company's gross profit during the fourth quarter is SR 1.3 million compared to profit SR 5.5 million for the same quarter last year with a decrease of 76.4% .

3- The company's operating profit for the fourth quarter is SR 159 thousands compared to profit SR 4.1 million for the same quarter last year with a decrease of 96% .

4- The company's net profit during the twelve months is SR 9.6 million compared to profit SR 3.0 million for the same period last year with an increase of 220% .

5- The earnings per share during twelve months is SR 0.89 compared to earning SR 0.28 For the same period last year .

6- The company's gross profit during the twelve months is SR 13.5 million compared to SR 8.8 million profit for the same period last year with an increase of 53.4% .

7- The company's operating profit during twelve months is SR 9.1 million compared to profit SR 2.8 million for the same period last year with an increase of 225% .

8- The main reason for the decrease in profit in the fourth quarter of 2011 compared the previous quarter is due to increase in supply and decrease demand in the Chinese market for the raw material for fertilizer manufacturing, which resulted in drop in profit margin .

In the other hand, the increase in annual profit for the year 2011 compared to previous year 2010 is due to increase in sales volume and improved prices especially in the first half of 2011.

Increase in other income compared to last quarter was mainly due to transfer of SR one million from shipping provision to other income . Since Board of Director see that it is more than the requirement it has been formulated for.

9- The reason for change in net profit for last year fourth quarter is due to payment of bonus to employees in the end of the year .

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