Saudi Printing and Packaging Co. — Earnings Release 2011

Feb 5, 2012

SAUDI PRINTING & PACKAGING COMPANY (SPPC) ANNOUNCES ITS AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31/12/2011

4270 · 05/02/2012 08:11:58 · Announcement #24007 · View on Saudi Exchange

SAUDI PRINTING & PACKAGING COMPANY (SPPC) ANNOUNCES ITS AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31/12/2011

Saudi Printing & Packaging Company (SPPC) announces its annual consolidated financial results for the year ended 31/12/2011:

1. The net income was SR 36.0 Million compared to SR 35.2 Million for the previous restated year, representing an increase of 2.3%

2. The earnings per share was SR 0.60 compared to SR 0.59 for the previous restated year

3. The gross profit was SR 75.6 Million compared to SR 75.0 Million for the previous restated year, representing an increase of 0.8%

4. The income from operations was SR 38.9 Million compared to SR 32.2 Million for the previous restated year, representing an increase of 20.8%

5. The increase in net income, gross profit and income from operations for the year ended December 31, 2011 compared to the previous restated year is mainly attributable to the managements efforts to reduce expenses and improve profitability

6. The Auditors Audit Report included Emphasis of a Matter as follows:

As explained in Note no. 26 to the consolidated financial statements, the company adjusted the balance of retained earnings and related accounts as of January 1, 2010 as a correction to certain prior accounting treatments to be in compliance with the Generally Accepted Accounting Principles in Saudi Arabia This resulted in an adjustment to certain balances as of December 31, 2010 and the results for the year then ended.

The total of the above adjustments is summarized as follows:

1. The net adjustments decreased the accumulated total shareholders equity as of December 31, 2009 by SR 50.6 Million, which includes redirecting expenses and raw materials and booking expenses, inventory provision and differences, reversal of pending sales and closing of prepaid expenses and other debit balances

2. The net adjustments decreased the accumulated total shareholders equity as of December 31, 2010 by SR 54.4 Million, which includes the impact of the adjustments prior to 2010, in addition to other adjustments relating to end of service and inventory

3. The net adjustments decreased the accumulated total shareholders equity as of December 31, 2011 by SR 52.8 Million, which includes the impact of the adjustments prior to 2011

Note: Certain figures of the comparative year have been reclassified to conform to the presentation in 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.