Wafrah for Industry and Development Co. — Earnings Release 2011

Feb 20, 2012

FOOD PRODUCTS COMPANY ANNOUNCES THE ANNUAL FINANCIAL RESULTS FOR THE PERIOD ENDING DECEMBER 31, 2011

2100 · 20/02/2012 16:12:59 · Announcement #24196 · View on Saudi Exchange

FOOD PRODUCTS COMPANY ANNOUNCES THE ANNUAL FINANCIAL RESULTS FOR THE PERIOD ENDING DECEMBER 31, 2011

Food Products Company announces the annual financial results for the period ending December 31, 2011.

1. Net profit ammounted to SR 8,843,508, compared to SR 17,424,898 for the same period last year, a decrease of 49 %.

2. Net earnings per share reached SR 0.44, compared to SR 0.87 for last year.

3. Gross profit ammounted to SR 28,697,065 compared to SR 27,710,842 for the previous year, an increase of 4 %.

4. Total operating profit was SR 9,125,516 compared to SR 9,462,422 for last year, an decrease of 4 %.

5. The decrease in net profit for the year 2011, compared to that of 2010, is attributed to the decrease in other revenues which were high in 2010 due to the fact that Food Products Co. conceded the right of land rent of one of its premises, together with buildings, to a neighboring Saudi company in the Second Industrial City, for a total price of SR 9,739,103.

Sales has improved in 2011 showing an increase of 11,4% compared to the previous year. This happened despite the increase in the cost of local and imported raw materials and of packaging materials, and moreover, despite the fact that the prices of companys products were not increasing proportionally due to fierce competition in the local markets.

It is worth mentioning that Food Products Company has managed this year to amortize losses accumulating since 1997, and by doing so moved from losses to profit making. It is hoped that 2012 will be the start of a flourishing era.

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.